| Freeport-McMoRan shares up after Icahn buys stake, costs cut | |
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NEW YORK (AP) -- Shares of Freeport-McMoRan jumped Friday, a day after it announced cost-cutting plans and activist investor Carl Icahn disclosed that he bought a stake in the mining company.
Freeport-McMoRan said Thursday that it would cut costs and reduce spending due to falling copper prices and soft economic conditions around the world. Later that day, Icahn disclosed that he had taken an 8.5-percent stake in Freeport-McMoRan, making him the company's largest shareholder, according to FactSet.
Icahn said he wanted to discuss cuts in Freeport-McMoRan's operations and capital spending. He also might seek representation on the board of the Phoenix-based company.
Shares of Freeport-McMoRan Inc. rose 35 cents, or 3.4 percent, to $10.54 in midday trading Friday. They traded as high as $11.48 earlier in the day. Shares of the company are down about 71 percent over the past year.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 71.8 billions as of today (€ 67.5 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 19, 2024 at US$ 49.61. Freeport McMoran has 1 448 000 000 shares outstanding. |