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Freeport (FCX) Divests Stake in Kisanfu Project for $550 Million
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Freeport-McMoRan Inc. (FCX - Free Report) recently announced the completion of the sale of its interests in the Kisanfu undeveloped project to a fully-owned subsidiary of China Molybdenum Co., Ltd. (“CMOC”) for $550 million. Net cash proceeds after tax amounted to around $415 million.
The Kisanfu project is located in the Democratic Republic of Congo. It is a large, undeveloped cobalt and copper resource discovered by the team of Freeport.
Freeport is dedicated to its strategy of focusing on an attractive portfolio of large and high-quality copper assets with established franchises in North America, South America and Indonesia.
Freeport expects to record a gain (post tax) of around $350 million related to this sale in the fourth quarter of 2020.
Shares of Freeport have increased 88.2% in the past year compared with 52.9% rise of the industry.
For 2020, the company anticipates consolidated sales volumes to be 3.18 billion pounds of copper. The company continues to expect gold sales volumes of 800,000 ounces for 2020. It also expects sales of 80 million pounds of molybdenum.
For the fourth quarter, Freeport expects sales volumes to be 840 million pounds of copper, 270,000 ounces of gold and 21 million pounds of molybdenum.
Freeport currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space are Bunge Limited (BG - Free Report) , BHP Group (BHP - Free Report) and Clearwater Paper Corporation (CLW - Free Report) .
Bunge has a projected earnings growth rate of 43% for the current year. The company’s shares have gained around 16% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of around 32.4% for the current year. The company’s shares have gained around 17.3% in the past year. It currently carries a Zacks Rank #2 (Buy).
Clearwater has an expected earnings growth rate of 1,960.9% for the current year. The company’s shares have surged around 79% in the past year. It currently carries a Zacks Rank #2.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Freeport (FCX) Divests Stake in Kisanfu Project for $550 Million
Freeport-McMoRan Inc. (FCX - Free Report) recently announced the completion of the sale of its interests in the Kisanfu undeveloped project to a fully-owned subsidiary of China Molybdenum Co., Ltd. (“CMOC”) for $550 million. Net cash proceeds after tax amounted to around $415 million.
The Kisanfu project is located in the Democratic Republic of Congo. It is a large, undeveloped cobalt and copper resource discovered by the team of Freeport.
Freeport is dedicated to its strategy of focusing on an attractive portfolio of large and high-quality copper assets with established franchises in North America, South America and Indonesia.
Freeport expects to record a gain (post tax) of around $350 million related to this sale in the fourth quarter of 2020.
Shares of Freeport have increased 88.2% in the past year compared with 52.9% rise of the industry.
For 2020, the company anticipates consolidated sales volumes to be 3.18 billion pounds of copper. The company continues to expect gold sales volumes of 800,000 ounces for 2020. It also expects sales of 80 million pounds of molybdenum.
For the fourth quarter, Freeport expects sales volumes to be 840 million pounds of copper, 270,000 ounces of gold and 21 million pounds of molybdenum.
FreeportMcMoRan Inc. Price and Consensus
FreeportMcMoRan Inc. price-consensus-chart | FreeportMcMoRan Inc. Quote
Zacks Rank & Key Picks
Freeport currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space are Bunge Limited (BG - Free Report) , BHP Group (BHP - Free Report) and Clearwater Paper Corporation (CLW - Free Report) .
Bunge has a projected earnings growth rate of 43% for the current year. The company’s shares have gained around 16% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of around 32.4% for the current year. The company’s shares have gained around 17.3% in the past year. It currently carries a Zacks Rank #2 (Buy).
Clearwater has an expected earnings growth rate of 1,960.9% for the current year. The company’s shares have surged around 79% in the past year. It currently carries a Zacks Rank #2.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>