Freeport McMoRan's (FCX) COO Harry Conger bought over $550,000 of stock last Thurday at $15.23 (SP currently $14.31 as I type). Effectively doubling his holding.
The company has benefitted fom recent rises in copper prices, so much so that the Indonesian govt began to become edgy about how much the company was making out of the Grasberg mine. So much so that it had stopped exports in January saying it wanted greater local ownership and more royalties.
To resolve the issue an agreement was reached at the end of August that will allow Indonesia to take a 51% stake in the mine but will pay a fair market value for it. Not ideal but it means the government will now have an incentive to ensure the smooth operation of the mine and will result in a very useful sum of cash sum for FCX.
All this helps clean up alot of uncertainty regarding operations that should lead to a brighter future - the CFO seems to think so.
This is not a recommendation to buy or sell. Stocks are not suitable for all investors. Please do your own research.
Submitted September 12, 2017 at 02:43PM by InterestingNews1 http://ift.tt/2w5MJif
