Freeport-McMoRan Corporation, a subsidiary of
Freeport-McMoRan Copper & Gold Inc.
), has entered into a services agreement with
Hill International , Inc.
), a global provider of construction claims and project
management services. Under the pact, Hill will provide
construction consulting and professional services to
Per the agreement, Hill is expected to extend project and
program management, cost estimating, cost control, scheduling,
staff augmentation and other construction consulting and related
technical services to Freeport-McMoRan at various U.S. and global
Mining giant Freeport-McMoRan released its fourth-quarter 2012
results in Jan 2013. The company's adjusted earnings (excluding
one-time gains) of 74 cents per share for the fourth quarter were
in line with the Zacks Consensus Estimate.
Profit for the quarter stood at $743 million or 78 cents per
share, a 16.1% rise from the prior-year quarter's profit of $640
million or 67 cents per share. The results were aided by higher
copper and gold production.
Revenues jumped roughly 8.4% year over year to $4.51 billion
in the fourth quarter but missed the Zacks Consensus Estimate of
Freeport-McMoRan is conducting explorations close to its
existing mines with a goal to boost reserves, which will
facilitate the development of additional future production
capacity across the large minerals districts where it
As per the company's exploration data, there are opportunities
for meaningful future reserve additions in North and South
America as well as in the Tenke Fungurume minerals district in
Congo's Katanga province.
Freeport-McMoRan is optimistic about its African operations
considering the potential at Tenke. Moreover, the acquisitions of
Plains and McMoRan Exploration will usher in new opportunities.
However, a weak global economy is still affecting demand for
copper and production costs remain a concern.
Freeport-McMoRan currently retains a Zacks Rank #5 (Strong
Other companies in the mining industry worth considering are
Aluminum Corporation Of China Limited
Paramount Gold and Silver Corp
). Both of them hold a Zacks Rank #2 (Buy).
ALUMINUM CP-ADR (ACH): Free Stock Analysis
FREEPT MC COP-B (FCX): Free Stock Analysis
HILL INTL INC (HIL): Free Stock Analysis
PARAMOUNT GOLD (PZG): Get Free Report
To read this article on Zacks.com click here.