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FCX

Freeport McMoRan

09:22
02/03/17
02/03
09:22
02/03/17
09:22

Freeport says Indonesia approval for exports has not been granted

Freeport-McMoRan reported that its subsidiary, PT Freeport Indonesia, continues to seek approval from Indonesian authorities for the export of its copper concentrates, consistent with its rights under its Contract of Work. To date, this approval has not been granted. Richard Adkerson, FCX President and CEO, and Chappy Hakim, PT-FI President Director, said: "We have been actively engaged with Indonesian governmental authorities to enable full operations at PT-FI to continue without disruption. This would be in the best interests of all stakeholders, including the Government of Indonesia, our large work force, the local community, local suppliers and Freeport's shareholders. We are disappointed that this matter remains unresolved and are concerned about the negative impacts for all stakeholders, especially for our workforce and the local economy. We encourage the Government to enable our full operations to continue without disruption and to provide the required assurances to support our long-term investment programs so these negative impacts can be avoided." The company added, "To date, the Government has not granted continuation of exports. The Government has indicated that in order to export its concentrate production, PT-FI would be required to immediately convert to an IUPK, forgo its current rights to fiscal and legal certainty and commit to a new smelter prior to completing a long-term investment stability agreement. PT-FI has advised the Government that it cannot accept these conditions unless a mutually satisfactory replacement agreement is completed. A continuing delay in obtaining rights to export its copper concentrates will require PT-FI to undertake near-term actions to reduce production to match available domestic capacity at PT Smelting, which processes approximately 40 percent of PT-FI's concentrate production. Under the reduced operating plans, PT-FI will be required to significantly adjust its cost structure, reduce its work force and spending with local suppliers, and suspend investments on its underground development projects and new smelter. For each month of delay in obtaining approval to export, PT-FI's share of production is projected to be reduced by approximately 70 million pounds of copper and 70 thousand ounces of gold."

FCX Freeport McMoRan

11/30/16
BREN
11/30/16
DOWNGRADE
BREN
Sell
Freeport McMoRan downgraded to Sell from Hold at Berenberg
11/30/16
11/30/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Freeport McMoRan (FCX) downgraded to Sell from Hold at Berenberg. 2. Arrowhead (ARWR) was downgraded to Neutral from Overweight at Piper Jaffray, to Neutral from Buy at Chardan, to Hold from Buy at Cantor, and to Market Perform from Outperform at William Blair. 3. W.R. Grace (GRA) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander noting the potential for a sharp drop in free cash flow conversion once its net operating loss carry-forwards are exploited. 4. Abaxis (ABAX) downgraded to Neutral from Buy at Northcoast. 5. Duluth Holdings (DLTH) downgraded to Neutral from Outperform at Baird with analyst Jonathan Komp citing the stock's recent rally and the possibility its valuation metrics have pushed beyond the levels he believes it can sustain. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/26/17
MACQ
01/26/17
NO CHANGE
Target $15
MACQ
Neutral
Freeport McMoRan price target to $15, remain on sidelines, says Macquarie
Macquarie analyst Anthyony Young raised Freeport McMoRan's price target to $15 from $13 based on higher earnigns in 2018 driven by increased gold production. The analyst said Freeport's financial position has greatly improved relatively to 2016 but given the risk/reward profile, maintains a Neutral rating and recommends staying on the sidelines.
01/31/17
JEFF
01/31/17
NO CHANGE
Target $18.5
JEFF
Buy
Jefferies says buy Freeport on Indonesia related pullbacks
Jefferies analyst Christopher LaFemina recommends using any pullback in Freeport-McMoRan shares related to Indonesia as a buying opportunity. Based on comments from Indonesian officials, a temporary export license for copper concentrate should be issued to the company very soon, and exports should restart, LaFemina tells investors in a research note. A resumption of Indonesian exports should be a positive for Freeport, the analyst contends. He expects the copper price and the stock to move higher and keeps a Buy rating on Freeport with an $18.50 price target.

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