Freeport's Shares Continue to Look Overvalued, Given Our Long-Term Copper Outlook
Production interruptions at Freeport's massive Grasberg mine in Indonesia have dominated the conversation about the company in recent months. On Jan. 12, the Indonesian government issued new mining rules that restricted Freeport's copper from leaving the country. Although Freeport was able to resume copper concentrate exports in mid-April, a long-term solution has not yet been reached. Still, we think the issue will eventually be resolved, allowing Freeport to meet its longer-dated targets in In...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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