CEO Richard Adkerson of Freeport-McMoran (NYSE:FCX), the world's largest publicly traded copper producer, said that it was searching for investments "aggressively," but added that it may look to other avenues in order to return cash to investors as acquisition targets are "very limited."
On the other hand, Bernstein sees Freeport McMoran as a target itself, but said the cost may deter bidders.
Adkerson, 63, has lowered Freeport's debt level by 72% since the company acquired rival miner Phelps Dodge in 2007.
In addition, the firm had $3 billion in cash as of June 30, and forecasts spending of $1.7 billion on mines and expansions this year. Adkerson added that they may boost future spending.
SmarTrend is bullish on shares of Freeport-McMoRan and our subscribers were alerted to buy on September 01, 2010 at $75.04. The stock has risen 26.2% since the alert was issued.
