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The Copper — Wires Everywhere · The Rocks & Powders — Critical Materials

FCX

Freeport-McMoRan
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Largest publicly traded copper producer — Grasberg, Cerro Verde, Morenci

What they do

The largest publicly traded copper producer in the world . Operates Grasberg (Indonesia — also the world's largest gold mine as byproduct), Cerro Verde (Peru), and Morenci (Arizona). Highest leverage to copper price among the majors — earnings move ~$1B per $1/lb copper price change. Indonesia operating environment is the perennial wild card.