Freeport's balance sheet has strengthened, but weaker copper prices still loom.
Freeport-McMoRan reported third-quarter earnings that were above our expectations as higher copper prices boosted operating earnings and cash flow. We increase our fair value estimate to $8.00 per share from $7.20 based on our forecast for higher near-term copper prices and increased production forecast for gold, and molybdenum. We now forecast gold product to average 1.5 million ounces per year through 2020, up from 1.4 million. Similarly, we expect molybdenum production to average 93 million p...Freeport-McMoRan is a holding company. Through its subsidiaries, the company is a mining company. The company operates assets with proven and probable reserves of copper, gold and molybdenum, and the company is a publicly traded copper producer. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits; and mining operations in North America and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. The company has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines.
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