BMO: Freeport-McMoRan Partakes in Metals & Mining Conference

In a research report published earlier today by BMO Capital Markets, Freeport-McMoRan's (NYSE: FCX) Treasurer, Kathleen Quirk, focused on the company's growth profile and strong cash position.

In the report, BMO Capital Markets commented, “Copper supply is expected to remain tight despite strong copper prices, as new discoveries globally are extremely rare; Grasberg, discovered in 1988, is one of the newest world class deposits. At December 2011, total reserves and mineralized minerals are estimated at 235Blb of contained copper (100% basis). Advanced-stage projects include Cerro Verde, Morenci and Tenke Fungurume for total capex of US$6B and incremental copper production of 975Mlbpa.”

BMO Capital Markets maintains its Outperform rating and $55 PT on Freeport-McMoRan, which closed Friday at $43.91.