Freeport-McMoRan that produces copper, molybdenum and gold reported its first-quarter results Wednesday before the market opens. For full story, click here
Articles Tagged "freeport"
Despite a dour near-term forecast for Freeport’s moly production, CEO Richard Adkerson is convinced that the company’s assets will be very valuable in the longer term. For full story, click here
MAX Resource Corp. is a Canadian based exploration company with a diversified portfolio of mineral exploration projects in Canada and the Western United States. Our properties include “Molybdenum” in Alaska and Nevada, “Gold” in Alaska, Nevada and British Columbia and “Uranium” in New Mexico, Arizona and northern Canada.
The steel sector has been deeply impacted by the global economic climate; with an approximate 50% decline in production. Moly, as an important alloy, is following suit.
In 2008, molybdenum cost an average of $29/lb after peaking at $30 in 2007. On a monthly basis, however, molybdenum has sold for less than $10/lb for two months now. Investment bank Dahlman Rose & Co. in New York expects molybdenum to average $12/lb this year.
Freeport McMoRan Copper & Gold of Phoenix forecasts its sales to slide 15% to 60 million lbs in 2009 from the 71 million lbs shipped in 2008. The company has revised annual production plans at Henderson for 2009 at a 25% reduction. For full story, click here For Freeport’s site, click here
As the shock waves spread around the global economy; many analysts are starting to hedge their bets on when a recovery will start. In their Global Metal’s Report released this week, Morgan Stanley gave their take on the near future for the molybdenum market.
Freeport McMoRan Copper & Gold Inc of the USA reported last week that the company revised its plans for Molybdenum sales in response to weakening market conditions. The projected sales of molybdenum by is declined by 12.5% in 2009 and 30% in 2010 respectively as compared to previous plans. For full story, click here For [...]