Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. As for the stock and output, it is one of the leading copper producers with the lowest expenses in the world. Besides, it is the largest producer of gold and molybdenum.
Currently, Freeport-McMoRan is working in the fields in Indonesia (Grasberg), the North and South Africa, as well as Congo (Tenke). The Grasberg Mine has the largest reserves of gold and copper.
The producer’s shares are listed on the New York Stock Exchange under the ticker FCX. Freeport is an S&P 500 component.
History of the company
The company was founded in 1912 under the name of Texas Freeport Sulphur Company.
In 1971, it changed its name to Freeport Minerals Company.
In 1981, Freeport Minerals Company merged with McMoRan Oil and Gas Company. A year later, Freeport Gold became the largest gold producer in the world.
In 1985, the company sold a 25% interest in some oil and gas projects to Britoil for $73.5 million.
In 1994, Freeport-McMoRan Copper & Gold became an independent company fully focused on Indonesian projects through a spin-off.
In 2006, the company acquired Phelps Dodge and became the world's largest public copper company with a market capitalization of $37.5 billion. Freeport moved its headquarters to Phoenix, Arizona, US.
In 2012, the company acquired affiliated companies, McMoRan Exploration Company and Plains Exploration & Production Company, for a total value of over $20 billion, which added significantly to the company's crude assets.
In 2016, the company announced the sale of 13% ownership interest in Morenci Sumitomo Group for $1 billion in cash.