Freeport McMoRan Copper & Gold Inc. (FCX) announced a partnership with the Thunderbird School of Global Management in Glendale, whereby the later will develop new women’s entrepreneurship programs in Chile and Peru.
Previously, Thunderbird has developed and run women’s and other entrepreneurship programs in some other foreign markets including Afghanistan, Pakistan, Jordan and a separate program in Peru. The partnership was announced at the Clinton Global Initiative meetings in New York.
The new program is dubbed in the Freeport-McMoRan Women’s Business Academy. It aims to help as many as 3,400 women with their startup ideas, as well as assist small and medium-sized businesses.
Vancouver-based e-learning provider Serebra Learning Corporation will provide online and Web-based technology for the programs and its classes. In this effort, Thunderbird faculty and MBA students will be involved.
Freeport’s commitment to invest in the communities they serve through programs such as this is a living example of the impact companies can have on the long-term sustainability of the communities in which they do business.
Freeporthas operations in numerous foreign markets including in Asia and South America. The company has run into labor problems over miner pay in some of them.
However in July 2011, Freeport released its second-quarter 2011 results, reporting a profit of $1.37 billion or $1.43 per share in the second quarter of 2011, which more than doubled from $649 million or 70 cents per share in the same quarter of 2011. The profit exceeded the Zacks Consensus Estimate by 9 cents per share.
Revenues in the quarter surged 50% to $5.81 billion, surpassing the Zacks Consensus Estimate of $5.63 billion. Consolidated sales from mines totaled 1.0 billion pounds of copper, 356,000 ounces of gold and 21 million pounds of molybdenum compared with 914 million pounds of copper, 298,000 ounces of gold and 16 million pounds of molybdenum in the second quarter of 2010.
Freeport-McMoRan’s consolidated unit net cash costs (net of by-product credits) are estimated to average $1.01 per pound of copper for 2011 based on average prices of $1,500 per ounce for gold and $15 per pound for molybdenum for the second half of 2011.
Based on the same parameters and assuming an average price of $4.25 per pound of copper, the company’s consolidated operating cash flows are estimated to exceed $8 billion for the year 2011.
The company’s capital expenditures are expected to reach $2.6 billion for 2011, including $1.4 billion for major projects and $1.2 billion for sustaining capital. Major projects for 2011 primarily include underground development activities at Grasberg, construction activities at the Climax molybdenum mine and completion of the initial phase of the sulfide ore project at El Abra.
Headquartered in Phoenix, Arizona, Freeport-McMoRan Copper & Gold Inc. is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates.
The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia, Freeport-McMoRan Corporation (formerly Phelps Dodge) and Atlantic Copper. Its major competitors include Newmont Mining Corp. (NEM) and Southern Copper Corp. (SCCO). It currently retains a Zacks #3 Rank on its stock, which translates to a short-term Hold rating.
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