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Fly News Breaks for May 23, 2018
May 23, 2018 | 06:28 EDT
B. Riley FBR analyst Lucas Pipes upgraded Freeport McMoRan (FCX) to Buy from Neutral and raised his price target for the shares to $20 from $17. Rio Tinto's (RIO) reported $3.5B deal with Indonesia for its interest in the Grasberg copper and gold mine sets an "attractive valuation marker" for Freeport, Pipes tells investors in a research note. The analyst believes Freeport now offers a greater risk/reward profile and recommends buying the shares at current levels.
News For FCX;RIO From the Last 2 Days
Nov 19, 2018 | 08:16 EDT
As mineral prices rise, developing-world leaders are making their toughest demands on mining companies, pushing them to pay higher royalties and taxes, process commodities locally and cede control of mines, the Wall Street Journal reports. In Indonesia, Rio Tinto (RIO) and Freeport-McMoRan (FCX) were pressed to sell majority control of the Grasberg copper mine to a government seeking to transform its state-owned resources companies, while Tanzania last year gave a subsidiary of Canada's Barrick Gold (ABX) a $190B tax bill and in March, Zambia handed Canada's First Quantum Minerals (FQVLF) a tab for import duties and penalties of approximately $8B. In addition, The Democratic Republic of Congo has signed into law a new mining code that will take a larger portion of miners' profits and Papua New Guinea, Mali, Sierra Leone and others are reviewig mining contracts and legislation. Reference Link