Freeport-McMoran (FCX): Draft Reg Could Solve Indonesian Export Ban - Jefferies

Jefferies analyst, Christopher LaFemina, reiterated his Buy rating on shares of Freeport-McMoRan (NYSE: FCX) after a draft regulation, could be the solution to the Indonesian export ban.

Freeport may be able to export unprocessed copper concentrates from Grasberg after the Jan 12th export ban kicks in. However, Freeport will first have to agree to change its existing Contract of Work to an IUPK license. Management has said that any new agreement must provide the same legal and fiscal certainties as provided in the COW. The analyst expects to see a resolution, but there are still hurdles.

No change to the price target of $19.

For an analyst ratings summary and ratings history on Freeport-McMoRan click here. For more ratings news on Freeport-McMoRan click here.

Shares of Freeport-McMoRan closed at $14.90 yesterday.

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