Freeport McMoRan Sits On A Gold Mine

Freeport McMoRan: Summary

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  • Agreement with Indonesia allows Freeport to continue to operate the Grasberg mine.
  • Commodities market is in rough shape, but this well-diversified company is poised to come out of the struggling market strong.
  • Capex reduction comes at the perfect time to allow Freeport to reap the benefits of their capital investments in time of falling commodity prices.
  • I Know First algorithm is bullish on Freeport McMoRan.

Freeport and Indonesia

Freeport McMoRan Inc. (NYSE:FCX), a global mining company headquartered in Arizona, is one of the largest mining companies in the world.

The mining giant has recently orchestrated a deal with Indonesia which officially received a signature of approval from Trade Minister Rachmat Gobel on July 29th. Furthermore, the company has diversified  from copper into other commodities for example gold, molybdenum (a byproduct of copper mining), and oil equivalents thus boosting their revenue streams.

I Know First algorithm is bullish on this stock in the long term, with a bullish algorithmic forecast to support the fundamental analysis of Freeport McMoRan, Inc. stock.