Dallas, Texas 08/13/2013 (Financialstrend) – Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is a staple in the copper and gold mining industry. It holds in the examination, mining and production of mineral resources. The firm primarily explores for copper, gold, cobalt hydroxide, molybdenum, silver and other metals, such as magnetite and rhenium. It has interests in various mines located in the Morenci minerals district in North& South America Grasberg, minerals district in Indonesia and Tenke Fungurume minerals district in the Democratic Republic of Congo.
The company recently purchased two energy firms for $9 billion. Richard C. Adkerson, CEO of FCX said, “The oil and gas assets being obtained possess the asset quality uniqueness that we seek in our mining industry large scale property with low cost, long lives and geologic possible to support enlarge through exploration and development,” regarding the acquisitions. Accounting for the oil and gas business showed that 75% to 80% of 2014 earnings are estimated to come from mining while 20% to 25% will come from oil and gas approximately.
Freeport-McMoRan Copper & Gold Inc. has been in a period of a few transitional quarters, with the weakness is copper and gold prices combined with the oil and gas diversification. FCX reported 2nd quarter adjusted earnings of $0.22 which missed consensus estimates of $0.41 pretty drastically. The dilute earnings per share were $0.49. A lot of the troubles were a consequence of higher than anticipated copper costs and lower gold sales.
Freeport-McMoRan Copper & Gold Inc. closed on Monday with a price of $0.76 per share, which was observed to be a gain of 31.85% over its previous close. Through the trading session, the stock had set intraday low at $31.61 and intraday high at $31.98 per share. In the past 52 weeks, the company had touched bottoms at $26.37 and peaks at $43.65 per share. There are presently 1.04 billion outstanding shares in the market with 70% institutional holding and $33.06 billion market cap. On Monday, the stock had a trading volume of 13.94 million shares and average level of trading at 14.15 million shares per day.