Freeport McMoRan Copper&Gold
Der McMoRan Zukauf war echt der Genickbruch, siehe Abschreibungen Anglo und BHP im Ölsektor.
Ganz falsch wird Icahn ja wohl nicht liegen, obwohl dies neben meinen Ölwerten wie Transocean und Ensco wohl der Riskanteste ist.
Ach ja und Vale nicht zu vergessen, wobei ich kaum glaube das BRA eines der grössten Unternehmen und Arbeitgeber des Landes Pleite lassen geht. Da bin ich recht zuversichtlich zumal die Staudammkatastrophe bereits eingepreist ist.
Goldcorp, Newmont, Barrick und McEwen machen die Sammlung voll. Die sind allerdings schon sehr gut gelaufen und gleichen aktuell den Verlust mit meinen Finanzwerten aus...
Viel Erfolg allen.
07:00 15.02.16
PHOENIX --(BUSINESS WIRE)--
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has entered into a definitive agreement to sell a 13 percent ownership interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co., Ltd. (SMM) for $1.0 billion in cash.
Richard C. Adkerson, FCX’s President and Chief Executive Officer, said: “We are pleased to expand our partnership at Morenci with Sumitomo. This transaction represents an important initial step toward our objective to accelerate debt reduction and restore our balance sheet, while retaining a portfolio of high quality assets and resources.”
Mr. Adkerson continued: “Our Morenci partnership with Sumitomo was first established 30 years ago and both companies are confident of the operation’s long-term future. With its long-lived reserves, substantial resource position, attractive cost structure and best in class operating team, the Morenci joint venture is positioned to be a continuing strong contributor to the success of FCX and Sumitomo.”
The Morenci unincorporated joint venture is currently owned 85 percent by FCX and 15 percent by Sumitomo Metal Mining Arizona Inc. (SMMAz is owned 80 percent by SMM and 20 percent by Sumitomo Corporation). Following completion of the transaction, the joint venture will be owned 72 percent by FCX, 15 percent by SMMAz, and 13 percent by an affiliate that is fully owned by SMM.
As of December 31, 2015, FCX’s 85 percent share of consolidated recoverable reserves totaled 12.0 billion pounds of copper and its 85 percent share of 2015 production approximated 900 million pounds of copper. In 2015, FCX’s 85 percent share of Morenci revenues totaled $2.2 billion and production and delivery costs totaled $1.5 billion.
The transaction is expected to close in mid-2016, subject to regulatory approvals and customary closing conditions. FCX expects to use the proceeds to repay borrowings under its bank term loan and revolving credit facility.
FCX expects to record an approximate $550 million gain on the transaction. FCX expects to use losses to offset cash taxes on the transaction.
FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX is the world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the DRC; and significant U.S. oil and natural gas assets in the Deepwater GOM, onshore and offshore California and in the Haynesville natural gas shale, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana.
Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements, which are all statements other than statements of historical facts, such as expectations related to completion of the pending transaction. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,” “to be,” ”potential" and any similar expressions are intended to identify those assertions as forward-looking statements. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include the ability of the parties to secure regulatory approvals, satisfy closing conditions and consummate the pending transaction and other factors described in more detail under the heading “Risk Factors” in FCX's Annual Report on Form 10-K for the year ended December 31, 2014, filed with the U.S. Securities and Exchange Commission (SEC) as updated by FCX's subsequent filings with the SEC.
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward looking statements.
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Freeport McMoRan is struggling, but that didn't stop it from dishing out a big payday to its ousted co-founder.
Freeport McMoRan (NYSE:FCX) has been in the news for all the wrong financial reasons. One of the biggest headlines, however, is the company's stumble in the oil patch, which helps explain why James Moffett, co-founder and a chief architect of the ill-timed oil expansion, is out as chairman of the board.
He's getting $83 million as he exits. Here's what shareholders got.
Images
Freeport-McMoRan logo. Source: Freeport-McMoRan.
A big move
It wasn't too long ago that Freeport was a miner. But in 2013, when oil prices were high, it bought McMoRan Exploration Co. and Plains Exploration for roughly $9 billion. In the end, the deal led to an explosion in Freeport's debt, which stood at nearly $20 billion at the end of 2015. Before the big oil deal, debt was only about $3.5 billion. Putting some perspective on those two numbers, debt as a percentage of the capital structure was 15% before the acquisitions and over 60% at the end last year.
With oil prices in free fall since around mid-2014, the oil business has turned from a promising opportunity into a weight around Freeport's neck. In fact, it eats more cash than every other business segment. The following chart shows just how tied to oil the company appears to be, with the shares falling right along with the decline in Brent crude. It's little wonder that Freeport McMoRan is looking at strategic options for the oil business, and why one of the chief architects of the oil acquisition is out.
FCX Chart
FCX data by YCharts
What was your cost?
According to reports, Moffett will walk away with around $63 million in cash retirement plans, about $16 million in severance, and a few million in performance-related stock awards. Don't feel too bad for him. He's also going to stick around and consult, for which he's expected to be paid around $1.5 million a year. Tough life.
So what did you get? For starters, the stock is down over 80% since the start of 2013. Rounding, to keep the math easy, Freeport went from a $40 billion-market-cap company to around a $7 billion cap. That's more than $30 billion lost. It may not be fair to peg all of that on the oil business, except that investor perception of that business has been a huge driver of the market price -- so maybe it is fair.
But that's not all. The company also issued around 210 million shares in the second half of 2015, raising about $2 billion to help shore up the balance sheet. Solidifying Freeport's finances is important, but selling stock when the shares are down 80% from where they were just two years ago isn't exactly a great benefit to current shareholders. So add a healthy slug of shareholder dilution (around 20%) to what you got.
Then there's the not so subtle fact that Freeport eliminated its dividend in an effort to save cash. Although you didn't exactly "get" anything on this one, what you aren't getting anymore just adds insult to injury. In 2013 the company's annual dividend was $1.25 a share. Starting in the new year, that will be zero.
Not fair!
It isn't fair to hit Moffett with all these negatives. Clearly, there was a whole company around him that was involved, too. And at this point, Freeport McMoRan is trying to do the best it can in a bad situation. So some of the moves, despite being unfriendly to shareholders, are the right decisions to ensure the company remains a going concern. But for investors, it's hard to look at what Moffett is walking away with and not think about how much this whole episode has cost them.
The answer, obviously, is a lot. I think the takeaway here, however, is a bit different from that: Be leery of big, transformative acquisitions. They don't always work out as planned.
As another example, look at BHP Billiton (NYSE:BHP), which recently sold off its smaller operations as South32 with the mining industry facing a deep downturn. BHP's goal was to focus on core businesses. Yet the logic for having BHP and Billiton team up in 2001 was diversification. Granted, this marriage lasted for well over a decade, but when all was said and done, it didn't work out as expected, either.
And if things go very wrong, as with Freeport's oil foray, you, the shareholder, are the one who's likely to feel the most pain.
Reuben Brewer has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold,. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Author
Reuben Gregg Brewer
(ReubenGBrewer)
Article Info
Feb 16, 2016 at 10:30AM
Energy, Materials, and Utilities
Stocks
Freeport-McMoRan Copper & Gold, Inc.
NYSE:FCX
$6.12
$0.58
(10.58%)
BHP Billiton Limited (ADR)
NYSE:BHP
$22.73
$0.01
(0.04%)
Read More
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Instant Analysis: Freeport-McMoRan Chairman Steps Down
Freeport-McMoRan Inc. Offers to Sell a Slice of its Crown Jewel to Raise Cash
Schöne Grüsse ... Pete aus Basel....
Freeport-McMoRan Inc (FCX) Upgraded to “Strong-Buy” at Vetr Inc.
Posted on February 25, 2016 by Robert Jamerson in Analyst Articles - US, Investing
http://sleekmoney.com/...upgraded-to-strong-buy-at-vetr-inc-2/980021/
"Icahn Buys More Freeport-McMoRan, Sending Shares up 18%"
February 17, 2016 12:45 pm EST
http://247wallst.com/commodities-metals/2016/02/...ding-shares-up-18/
vor 27 Min (Dienstag 01.03.2016 - 14:41) via Jandaya.de
Optionen
| Boardmail an "Fame" |
Wertpapier: Freeport-McMoRan Inc |
so kann ich ende der Woche wieder 25% billiger einsteigen.
s2
Khang & Khang LLP (the “Firm”) announces that a class action lawsuit has been filed against Freeport-McMoRan Inc. (“Freeport-McMoRan” or the “Company”) (FCX). Investors who purchased or otherwise acquired shares between February 27, 2014 and January 15, 2016, inclusive (the “Class Period”) are encouraged to contact the Firm prior to the March 28, 2016, lead plaintiff motion deadline.
If you purchased shares of Freeport-McMoRan during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by email at joon@khanglaw.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, the Company made false and/or misleading statements and/or failed to disclose that: (i) Sjamsuddin had discussed, with senior officials in the Indonesian government, bribing Indonesian government officials in return for an extension of Freeport’s right to operate in the country; and (ii) that Freeport had violated the Foreign Corrupt Practices Act (“FCPA”).
If you purchased shares of Freeport-McMoRan during the Class Period, you have until March 28, 2016 to ask the Court to appoint you as lead plaintiff. If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by email at
s2
By Mark O'Hara • Mar 14, 2016 2:55 pm EDT
What’s driving Freeport-McMoRan?
Freeport-McMoRan (FCX) closed at $9.55 on March 11, which was roughly flat from the previous day’s closing. The stock has been flirting around with the psychologically crucial price level of $10 for the last few trading sessions. It’s been a remarkable year for Freeport-McMoRan. At the beginning of the year, not many expected that Freeport would trade near $10 price levels. However, Freeport has been defying all pessimism in the commodity space (GSG) and moved to higher price levels. Even downgrades by several brokerage firms have failed to deter Freeport’s rally.
stock price part b1
Enlarge Graph
Risk-on rally
Freeport has risen more than 45% since the beginning of the year. The “risk-on” sentiment has boosted other copper producers also as can be seen in the graph above. Glencore (GLNCY) and Teck Resources (TCK) are trading with year-to-date gains of 54% and 93%, respectively. Southern Copper (SCCO) is trading with YTD gains of a modest 5%.
The current rally is a welcome break for Freeport investors, who have seen their investment value dwindle over the last couple of years. Last year, Freeport lost more than 70% of its market capitalization.
Series overview
Having said that, Freeport’s sharp bounce back does raise some questions about the sustainability of the rally. In the course of this series, we’ll look at the different factors that are driving Freeport’s stock price higher. Then we’ll explore how these factors could shape up this spring and beyond.
Let’s begin by exploring whether Freeport’s rebound is a short-covering rally.
1m3m6mYTD1y3y5y10yClick Ticker Above to Show/Hide on GraphFCXGLNCYGSGSCCOTCKFeb 22rdFeb 29thMar 7thMar 14th$6$7$8$9$10$11
Part 2
What’s Driving Freeport-McMoRan This Season? (Part 2 of 10)
Are Freeport-McMoRan Bears Caught in a Typical Short Squeeze?
By Mark O'Hara • Mar 14, 2016 3:03 pm EDT
Short squeeze
Before we analyze whether Freeport-McMoRan (FCX) bears are caught in a typical short squeeze, let’s first familiarize ourselves with a few key terms. Short interest tells us the number of shares that have been short sold. Exchanges release the short interest on a fortnightly basis. Short interest tells us the general market mood in regards to a particular security.
SHORT INTEREST
Enlarge Graph
Short interest ratio
Now, from the short interest, we derive the short interest ratio, which is nothing but short interest divided by average daily traded volume. Short interest ratio and the short interest to market capitalization ratio basically standardize the short interest. It’s but natural that more liquid and large companies can have high absolute short interest. Therefore, we standardize short interest to the market capitalization or the trading volumes.
Squaring off positions
The graph above shows Freeport-McMoRan’s short interest ratio plotted against its stock price. In January, Freeport’s short interest ratio was the highest since the height of the global financial crisis of 2008–2009. This is not surprising as markets started factoring in a chance of a global recession this year after poor Chinese economic data spooked global markets in the first trading week of the year itself. Miners (XME) including Teck Resources (TCK), Glencore (GLNCY), and BHP Billiton (BHP) drifted to lower price levels on fears of a global recession.
However, things started to change a bit in February as we’ll discuss in the next part of the series. Freeport shorts got caught in a short squeeze and had to square off their positions as prices rose. At times, such short squeezes have a domino effect. So, as more shorts squared off their positions, prices got support. In the meantime, a series of positive developments hit Freeport as we’ll explore in the next part of the series.
1m3m6mYTD1y3y5y10yClick Ticker Above to Show/Hide on GraphBHPFCXGLNCYTCKXMEFeb 22rdFeb 29thMar 7thMar 14th$20$22.5$25$27.5$30