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FCX Freeport-McMoRan Copper & Gold Inc.
Freeport-McMoRan Copper & Gold Inc. or FCX is a company that specialized on the mining industry and operates mining facilities at an international scale for obtaining copper, gold or molybdenum. With the centre of operations located in North America, FCX is a world leader of the copper and gold mining industry.
With the recent acquisition of the Phelps Dodge Corporation at the start of 2007, Freeport-McMoRan Cpr. & Gld. has become the largest copper corporation in the world to be publicly traded. FCX operates mainly through its divisions and subsidiaries like PT Freeport Indonesia, Phelps Dodge and Atlantic Copper.
Subsidiaries
The PT Freeport Indonesia division operates the world-class Grasberg mine where is believed to be the largest single copper reserve and largest single gold reserve in the world. This principal subsidiary also owns 25 % of PT Smelting that manages a copper refinery and smelter in Indonesia.
Phelps Dodge is producer of copper and molybdenum that operates with copper and molybdenum mines and processing plants in all corners of the world: North America, South America and Europe. This division is also capable of processing other minerals like gold, silver or rhenium.
PD is presently in the developing a cobalt-copper concession in the Democratic Republic of Congo that will surpass all existing facilities of this sort. Phelps Dodge also provides for the energy sector through the PD Wire and Cable group.
Atlantic Copper, another FCX subsidiary owns and operates a copper smelter and refinery located in Spain.
The Company History
The Freeport-McMoRan Copper & Gold Inc. began its expansion since the Grasberg copper and gold deposit was discovered in the late 80’s. This discovery acted as a catalyst for a quick development and soon a contract of work was signed with the Indonesian government for a term and provisions of 50 years.
At this time, the company changes its name from FCX to the present one. In the 90’s, the series of expansions and acquisitions continued with assets like Atlantic Copper in Spain and the entire company is now publicly traded.
At a study performed in 1999 on the environmental impact that FCX operations had, the company environmental management systems were found to be outstanding and set as an example for the entire mining industry.
Performances and productivity still reach high levels at the Grasberg mining complex. The same success is registered by the marketing department, resulting in record sales and revenues for the corporation.
In 2007, Freeport-McMoRan Copper & Gold Inc. wins a leading position in the copper and gold mining international industry by acquiring Phelps Dodge, the FCX main division.
Facts About Copper, Gold and Molybdenum
Copper is commodity traded on the world market with a price determined by the principal world metal exchanges and by copper resources and demand. Copper is highly sought out for its electrical conducting capabilities, resistance to corrosion or good heat transfer rate. These unique particularities cannot be replicated by any other product.
Gold is the principal element representing the reserve assets owned by national banks. It has always had a determinant part in human society because of its use as a world currency.
Molybdenum is used to obtain molybdic oxide that is used for increasing steel resistance to heat and corrosion and improving the metal’s strength. Molybdenum has many other applications and we can find it in water treatment, oil refining, electronics and many steel alloys. It is primarily used in the steel industry so the price fluctuates with the development of steel industry.
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- 1615 Poydras St
- New Orleans LA 70112 US
Contact
- FM Services Co., Inc.
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- +1 504 582 4000
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