For all of the attention paid to Freeport-McMoRan's (NYSE:FCX) issues and challenges with the Indonesian government, it hasn't hurt the stock all that much recently. The shares are up close to 30% over the past year, trailing First Quantum (OTCPK:FQVLF), but otherwise surpassing mining equities with big copper exposure like BHP Billiton (NYSE:BHP), Antofagasta (OTCPK:ANFGY), Southern Copper (NYSE:SCCO), and Glencore PLC. That strikes me as a pretty rational response, as although Indonesia is still important to Freeport, that importance declines pretty sharply within a decade and Freeport still has some valuable cards of its own to play.
My basic bullishness on Freeport is predicated on a few factors....
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