Hints and tips:
...“His experience includes substantial involvement in operations and business dealings with both Phelps Dodge and China Moly in the Democratic Republic of Congo....
...Phelps Dodge said the price of cobalt could go to zero, but because it had an average grade of 3 per cent copper the project would still make a profit.”...
...Tenke was developed by Phelps Dodge before its $26bn acquisition by Freeport in 2007....
...In the previous downturns copper prices have bottomed out once Freeport has started cutting production at its US mines, acquired when the company bought Phelps Dodge....
...One large natural resources investor says the bottom of recent copper cycles has been marked by the closure of US mines, once owned by Phelps Dodge but now controlled by Freeport-McMoRan....
...He played a role in the last period of large-scale consolidation in the mining industry, advising Phelps Dodge on its $26bn merger with Freeport-McMoRan and Inco on its $19bn sale to Brazil’s Vale....
...In November, the Chinese state-owned company beat eight other major mining players, including Phelps Dodge of the US, Hunter Dickinson of Canada and London-based Kazakhmys to become the government’s preferred...
...Freeport acquired a 57 per cent stake in the venture when it bought Phelps Dodge in 2007....
...This explains the sudden increase in demand for more fairness opinions, highlighted in a survey by Duff & Phelps....
...In the case of Phelps Dodge, the miner, it even hired its own investment bankers to find a buyer, ahead of its sale last year to Freeport-McMoRan....
...In November, the Chinese state-owned company beat eight other leading mining groups, including Phelps Dodge of the US, Hunter Dickinson of Canada and London-based Kazakhmys, to become the government’s preferred...
...Dodge....
...stake in Phelps Dodge....
...Buying Freeport, which spent $26bn to acquire rival Phelps Dodge last year, would help the Brazilian group build its position in base metals....
...Freeport-McMoRan’s offer for Phelps Dodge epitomises today’s financial markets. It is a leveraged reverse takeover predicated on booming demand for commodities – copper, in this instance....
...copper mining group....
...On the face of it, SAC’s aggressive stance on Phelps Dodge is a test case for his new strategy of making bigger bets and holding them longer....
...Freeport-McMoRan last night agreed to buy Phelps Dodge for $25.9bn in cash and stock to become the world’s largest publicly traded copper company, with mines stretching from Indonesia to Chile....
...Phelps Dodge has described its Tenke Fungureme concession as one of the world’s largest sources of copper....
...Freeport-McMoRan on Sunday night agreed to buy Phelps Dodge for $25.9bn (£13.7bn) in cash and stock to become the world’s largest publicly traded copper company with mines stretching from Indonesia to Chile...
...The move by Penn came on the heels of Freeport-McMoRan’s $26bn deal to buy Phelps Dodge and create the world’s largest publicly traded copper miner. Freeport is not even half the size of Phelps....
...Meanwhile, the US Federal Trade Commission announced they had approved Freeport McMoRan’s plan to buy Phelps Dodge in a $25.9bn deal and create the world’s largest copper miner....
...Phelps Dodge, the world’s second largest copper producer, said it expected global consumption to grow by 3.5 per cent this year....
...Last month, Phelps Dodge agreed to be taken over in a $26bn deal by Freeport-McMoRan to create the world’s largest publicly-listed copper mining group....
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