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4-Traders Homepage  >  Equities  >  Nyse  >  Freeport-McMoRan    FCX

FREEPORT-MCMORAN (FCX)
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Freeport-McMoRan Copper & Gold Inc. : Freeport-McMoRan Details Production Impact of Indonesia Mine Accident

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06/12/2013 | 02:45pm CEST
   By Saabira Chaudhuri 
 

Freeport-McMoRan Copper & Gold Inc. (FCX) said the estimated daily impact of temporarily suspending its operations following a fatal roof collapse at its Indonesia underground training facility last month is about three million pounds of copper and 3,000 ounces of gold.

A tunnel collapsed at Freeport-McMoRan's giant Grasberg mine in Papua province May 14, killing 28 workers undergoing safety training. The other 10 in the training session were rescued.

The training facility is located near its largest underground mine, the Big Gossan, in Papua province. The company shut down operations at all its mines in Papua for safety checks.

For the period between May 15 and Tuesday, the company said the estimated impact on PT Freeport Indonesia's production was about 80 million pounds of copper and 80,000 ounces of gold.

"This was an unprecedented event in our more than 40-year history of operations in Papua," Chairman James R. Moffett and Chief Executive Richard C. Adkerson said. "We are taking all actions required to prevent future incidents and to assure the safety of our workforce."

The Grasberg minerals district in Indonesia is one of the world's largest copper and gold deposits.

Freeport-McMoRan said PT Freeport Indonesia has conducted safety inspections throughout its operations and is working with the Indonesian Department of Energy and Mineral Resources and other authorities to resume operations in a phased approach.

Because of the temporary disruption, PT Freeport Indonesia notified its customers of a force majeure event under its concentrate sales agreements.

Shares rose 1.2% to $29.68 in recent premarket trading. The stock has dropped 13% in the past 12 months.

Write to Saabira Chaudhuri at [email protected]

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Financials ($)
Sales 2018 19 059 M
EBIT 2018 6 031 M
Net income 2018 2 775 M
Debt 2018 5 766 M
Yield 2018 0,75%
P/E ratio 2018 8,55
P/E ratio 2019 15,06
EV / Sales 2018 1,60x
EV / Sales 2019 1,88x
Capitalization 24 745 M
Chart FREEPORT-MCMORAN
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Freeport-McMoRan Technical Analysis Chart | FCX | US35671D8570 | 4-Traders
Technical analysis trends FREEPORT-MCMORAN
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 23
Average target price 19,5 $
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Richard C. Adkerson Vice Chairman, President & Chief Executive Officer
Harry Milton Conger President & Chief Operating Officer-Americas
Gerald J. Ford Non-Executive Chairman
Kathleen L. Quirk Chief Financial Officer, Treasurer & Executive VP
Jon C. Madonna Independent Director
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