Word: mcmoran
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...cost-cutting boosted earnings and fueled the firm's next phase--diversification. Agnelli bought significant copper holdings from Arizona-based Phelps Dodge (now part of Freeport-McMoRan Copper & Gold) and London-based Anglo-American. At the time, during a glut in 2001-02, the deal raised eyebrows. But when demand for copper exploded soon after, these investments quickly paid for themselves...
Last week, rallies to demand the closure of a gold and copper mine run by U.S.-based Freeport-McMoRan in Indonesia's Papua province turned violent, leaving three policemen and one air force officer dead. But the real surprise is that violence didn't break out sooner. Papuans have long seen the mine as a symbol of Jakarta's unequal share of the proceeds from the province's natural resources?and the roots of their resentment go even deeper. The remote province, whose inhabitants are ethnically distinct from the rest of the country, was forcibly taken over by Indonesia...
Last week, rallies to demand the closure of a gold and copper mine run by U.S.-based Freeport-McMoRan in Indonesia's Papua province turned violent, leaving three policemen and one air force officer dead. But the real surprise is that violence didn't break out sooner. Papuans have long seen the mine as a symbol of Jakarta's unequal share of the proceeds from the province's natural resources-and the roots of their resentment go even deeper. The remote province, whose inhabitants are ethnically distinct from the rest of the country, was forcibly taken over by Indonesia...
...months after the Aug. 31 attack, it seemed likely that no one would unravel the mystery of why these teachers were targeted on a mountain road leading to the giant Grasberg mine, which is run by P.T. Freeport Indonesia (PTFI), a subsidiary of New Orleans-based Freeport-McMoRan Copper & Gold. The military blamed the attack on the Free Papua Movement, a ragtag group of Papua rebels fighting a desultory war to free the province from Indonesian rule, but produced scant evidence to back the claim. Meanwhile, relatives of the slain teachers have grown increasingly frustrated by the inability of local...
...hard to say no to Taufik Kiemas. That much a senior executive from Indonesia's largest foreign investor, U.S. mining giant Freeport McMoRan, knew when he accompanied President Megawati Sukarnoputri's controversial husband to the company's mine site last September. Freeport officials were aware that Taufik had been asking about a chunk of shares in the company's Indonesian operations previously held by Mohamad ("Bob") Hasan, a confidant of former President Suharto. Indeed, the issue of the shares came up soon after the Freeport executive boarded the presidential C-130 aircraft carrying Taufik and a 40-member entourage. With...