Freeport-McMoRan Copper & Gold Inc's move into energy and gas will place the miner into a heavier weight class of resource companies and offers new opportunities for it to get even bigger, the company said on Tuesday.Freeport, the world's largest listed copper producer, said early last month it would purchase Plains Exploration & Production Co and McMoRan Exploration Co to enter the energy business. The $9 billion bid to buy the two U.S. oil and gas companies has been criticized by investors as an expensive and unnecessary distraction."We can look globally because with these acquisitions ... we leapfrog" several other companies, said Chairman Jim Bob Moffett on a conference call with analysts. "We've got a resource here now ... that can compete with the majors worldwide."The company will look for opportunities to add to its expanded assets, with decisions based on commodity prices and returns to shareholders - the same approach management has long used, Moffett added.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX traded higher by 5.2% or $1.75/share to $35.39. In the past year, the shares have traded as low as $30.54 and as high as $48.96. On average, 19306000 shares of FCX exchange hands on a given day and today's volume is recorded at 18095376.
McMoRan Exploration Co. (McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. Shares of MMR fell by 0.06% or $-0.01/share to $15.99. In the past year, the shares have traded as low as $7.25 and as high as $16.13. On average, 5642370 shares of MMR exchange hands on a given day and today's volume is recorded at 704827.
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