Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Freeport McMoRan : Indonesia gives Freeport green light to resume copper exports

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 11:08am EST

Indonesia's mining ministry recommended on Friday that Freeport-McMoran Inc's (>> Freeport-McMoRan Inc) Indonesian unit be granted a permit to export 1.1 million tonnes of copper concentrates until Feb. 16, 2018, the ministry said in a statement.

Indonesia's mining ministry recommended on Friday that Freeport-McMoran Inc's (>> Freeport-McMoRan Inc) Indonesian unit be granted a permit to export 1.1 million tonnes of copper concentrates until Feb. 16, 2018, the ministry said in a statement.

The announcement comes after a more than month-long export stoppage that brought production at Freeport's giant Grasberg mine in Papua, Indonesia, to a standstill last week that helped push copper prices to near 21-month highs.

The ministry also recommended that fellow copper miner Amman Mineral Nusa Tenggara be permitted to export 675,000 tonnes of copper concentrate, also up to Feb 16, 2018.

The recommendations were issued to the miners based on commitments made by the pair to develop smelters in Indonesia, the statement said, noting that progress on their smelter projects would be evaluated independently at least every six months.

"Where six-month development progress is not in accordance with commitments, the export recommendation will be revoked."

A spokesman for Freeport Indonesia could not be reached for comment on Friday.

Indonesia introduced rules on Jan. 12 requiring Freeport and some other miners to shift from their current 'contracts of work' to so-called 'special mining permits', before being allowed to resume exports of semi-processed ores and concentrates.

The new rules also mandate the development of smelting facilities, as part of a broader push by Indonesia to boost returns from its natural resources.

Phoenix, Arizona-based Freeport said earlier it would only agree to a new mining permit with the same fiscal and legal protection in its current contract.

Last month, Freeport, the world's biggest publicly-listed copper miner, estimated that Grasberg would contribute around one-third of its global sales of 4.1 billion tonnes copper in 2017, assuming operations were normal.

At least 1,000 of Freeport's approximately 33,000 workers staged a demonstration on Friday morning in Timika, Papua, the province where the mine is located, to demand that the government make "a wise decision" regarding Freeport, a union leader told Reuters.

Benchmark London Metal Exchange copper <CMCU3> was down 0.7 percent at $5,955 a tonne on Friday. It touched a near-21-month high of $6,204 on Monday.

(Reporting by Wilda Asmarini; Writing by Fergus Jensen and Kanupriya Kapoor; Editing by Jason Neely and Susan Thomas)

By Wilda Asmarini

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on FREEPORT-MCMORAN INC
02/21 FREEPORT-MCMORAN INC : Other Events, Financial Statements and Exhibits (form 8-K..
02/20DJFreeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal -- 2nd Update
02/20DJFreeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal -- Update
02/20DJFreeport-McMoRan Refuses Indonesia's Permit Deal
02/20 FREEPORT MCMORAN : Indonesia mining minister says government also has right to b..
02/20 FREEPORT MCMORAN : FCX Updates Status of PT Freeport Indonesia Operations
02/20 FREEPORT MCMORAN : Updates Status of PT Freeport Indonesia Operations
02/20DJFreeport-McMoRan Considers Arbitration on Contract Dispute With Indonesia Gov..
02/20DJFreeport-McMoRan Considers Arbitration on Contract Dispute With Indonesia Gov..
02/20DJCorrection to Freeport-McMoRan CEO Headline
More news
Sector news : Integrated Mining
09:02p First stab at acquisition by Australia's South32 hits competition hurdle
12:22p Unilever, Lloyds help FTSE edge higher
02:48aDJCOMMODITIES REPORT : Mining Back to Unearthing Profit -- WSJ
02/21 Escondida will wait 30 days into strike to replace workers
02/21DJMining Companies Soar Back to Profit--3rd Update
More sector news : Integrated Mining
News from SeekingAlpha
02:50a Best And Worst Performing Stocks Since The Inauguration
02/21 AMERICAN ELECTRIC POWER : Solid Increasing Dividends
02/21 Freeport McMoRan, Indonesia at impasse over Grasberg mine
02/21 Tracking Carl Icahn's Portfolio - Q4 2016 Update
02/20 Why Copper Prices Could Keep On Rising
Advertisement
Financials ($)
Sales 2017 15 254 M
EBIT 2017 3 859 M
Net income 2017 1 535 M
Debt 2017 9 269 M
Yield 2017 -
P/E ratio 2017 12,90
P/E ratio 2018 11,56
EV / Sales 2017 1,87x
EV / Sales 2018 1,73x
Capitalization 19 241 M
More Financials
Chart FREEPORT-MCMORAN INC
Duration : Period :
Freeport-McMoRan Inc Technical Analysis Chart | FCX | US35671D8570 | 4-Traders
Full-screen chart
Technical analysis trends FREEPORT-MCMORAN INC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 14,6 $
Spread / Average Target 3,5%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Richard C. Adkerson Vice Chairman, President & Chief Executive Officer
Gerald J. Ford Non-Executive Chairman
Kathleen L. Quirk Chief Financial Officer, Treasurer & Executive VP
James R. Moffett Chairman-Emeritus
Jon C. Madonna Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
FREEPORT-MCMORAN INC7.13%19 241
BHP BILLITON PLC4.67%102 957
BHP BILLITON LIMITED6.66%102 957
RIO TINTO PLC14.23%84 946
RIO TINTO LIMITED15.18%84 946
GRUPO MEXICO S.A. DE C..15.20%26 048
More Results