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Sumitomo Corp. (SSUMY.PK) and Sumitomo Metal Mining (SMMYY.OB) agree to participate in a $1.7B...

Sumitomo Corp. (SSUMY.PK) and Sumitomo Metal Mining (SMMYY.OB) agree to participate in a $1.7B expansion at Freeport McMoRan's (FCX) Morenci mine in Arizona to increase copper production by 43% to 400K metric tons. The Japanese companies' share in the increase will be 15%, same as their equity stake in the mine; they will bear $260M of the costs of the increase.
Comments (3)
  • This came out MONDAY
    15 Jan 2013, 07:00 PM Reply Like
  • Glad to see these conservative and responsible Japanese companies getting involved with FCX's properties. Perhaps their businesslike approach can act as a beacon to FCX's cloudy oil fields dealings which caused FCX's shares to plummet over the last 2 months.
    16 Jan 2013, 12:53 AM Reply Like
  • hold on fcx. its gonna gonna go up plus u getting paid dividend while holding. it has huge upside potential
    16 Jan 2013, 08:36 AM Reply Like
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