Today’s Trade Alerts include: Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Southern Copper Corporation (NYSE: PCU), Sterlite Industries Limited (NYSE: SLT), Olin Corporation (NYSE: OLN), Newmont Mining Corporation (NYSE: NEM) and Pohang Iron and Steel Co. (NYSE: PKX).
“Freeport-McMoRan Copper & Gold Inc. (FCX) shares dropped 6.53% to $70.01 Friday mid-morning. Freeport-McMoRan engages in the exploration, mining and production of mineral properties primarily in Indonesia, North America, South America and Africa. It focuses on the copper, gold, molybdenum and silver prospects...
“The company recently reported revenues for the first six months of 2008 were approximately $3.4 billion, higher than in the comparable 2007 period. This reflects higher overall copper and molybdenum sales volumes because of a full six months of activity from the company's North and South America operations in 2008, partly offset by lower sales volumes at its Indonesia operations associated with mining lower-grade ore during the first six months of 2008. Higher revenues for the first six months of 2008 also reflected higher copper, gold and molybdenum prices…
“Freeport-McMoRan holds interests in the Grasberg open pit and Deep Ore Zone projects in Indonesia. It also owns interests in the Grasberg, Kucing Liar, Mill Level Zone/Deep Mill Level Zone and Big Gossan projects in Indonesia...”
“Southern Copper Corporation (PCU) shares fell 5.58% to $21.50 in Friday mid-morning trading. Southern Copper produces and sells copper, molybdenum, zinc, silver, lead and gold …
“The company recently said it expects to produce 550,000 tonnes of copper in 2008, less than an earlier view of 650,000 tonnes. It has recently suffered labor stoppages this year at its mines in Peru and Mexico…
“Chief Executive Oscar Gonzalez, speaking at a metals conference, said 360,000 tonnes would be produced in Peru and 190,000 tonnes in Mexico, and said the company expects recovery at the end of the year…”
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