Freeport’s key historical timeline
Freeport-McMoRan Inc. (FCX), previously known as Freeport Sulphur, was formed more than a century ago. It established the city of Freeport, Texas, near its sulphur mine. In this part, we’ll look at Freeport’s key historical timeline.
Freeport currently forms 3.35% of the Materials Select Sector SPDR (XLB). Newmont Mining Corporation (NEM) forms 2.23% of XLB. Newmont Mining and Barrick Gold Corporation (ABX) are among the world’s major gold miners.
The above chart shows some key historical events on Freeport’s timeline. In 1960, Freeport Sulphur discovered copper and gold deposits in Indonesia. In 1971, Freeport Sulphur changed its name to Freeport Minerals Company. By that time, the company had turned into a diversified mineral producer. Vale S.A. (VALE) is also a leading diversified minerals producer. It’s the largest iron ore producer in the world.
In 1988, Freeport discovered copper and gold deposits in Grasberg, Indonesia. The mine is still active. That year, Freeport was listed on the New York Stock Exchange (or NYSE). Freeport’s current market capitalization is ~$ 22.5 billion.
Oil and gas
In 2013, Freeport acquired Plains Exploration & Production Company for $16.2 billion. For Freeport, it was a major investment in oil and gas production. Freeport also acquired Moran Exploration Company for $ 2.2 billion in 2013. Freeport’s leverage ratios increased sharply after the acquisition. We’ll take a closer look at Freeport’s leverage ratios in later parts of this series.
Freeport now has a diversified portfolio of onshore and offshore energy assets. In the next part, we’ll look at Freeport-McMoRan’s global asset portfolio.