The Traderszone Network

Published in TZ Latest News 27 August, 2015 by The TZ Newswire Staff

Freeport-McMoran jumps as Icahn reveals 8.5% stake

Activist investor Carl Icahn disclosed an 8.5 percent stake in miner Freeport-McMoran Inc, saying the company was undervalued and needed to address several corporate governance and capital issues. In a filing with the U.S. Securities and Exchange Commission, the billionaire investor said he intends to speak with Freeport’s management and board and may seek board representation. The disclosure came on the same day that Freeport said it would slash its mining budget by 25 percent and cut 10 percent of its U.S. mine staff, as the miner and energy producer suffers through a slump in copper prices.