This Magnificent Mining Stock Is Down 37%. Buy It Before It Sets a New All-Time High.

Copper miner Freeport-McMoRan's (NYSE: FCX) stock is down 37% from its all-time high, yet the price of copper is almost at an all-time high. While the company's news hasn't been entirely positive over the last year, the share price performance and valuation disparity suggest that the stock looks great and is worth picking up in the general market downturn. Here's why.Let's start by understanding why there might be such a fundamental disconnect between the price of copper and the stock's performance and the price of copper; after all, the metal's price is the key driver of its earnings. There are two reasons, and both of them look unjustified.First, Freeport suffered a fire at a recently opened smelter in Indonesia. This is problematic for the company because the country has imposed an export ban on copper concentrate (effective Jan. 1, 2025) to encourage domestic processing. As such, Freeport will now need a permit to export copper concentrate, and given that its smelter isn't running at full capacity due to the fire, it's likely to run out of storage capability.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool