FCX

Freeport-McMoRan, Inc.

27.26
USD
-6.64%
27.26
USD
-6.64%
26.61 51.99
52 weeks
52 weeks

Mkt Cap 40.02B

Shares Out 1.47B

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Chile copper mines appear to dodge radical changes - Bloomberg

Top copper producers including BHP (NYSE:BHP) and Freeport-McMoRan (NYSE:FCX) likely will avoid drastic changes in the way they conduct business in Chile, according to Bloomberg, as writers of the country's new constitution concluded deliberations on mining proposals. In a vote held over the weekend, a plan to replace Chile's investor-friendly concession model with a system of temporary and revocable permits failed to win support of the two-thirds vote needed to be included in a document that will be put to a popular referendum on September 4. The weekend vote approved a ban on all mining activity in glaciers but rejected similar proposals for salt flats, wetlands, permafrost areas and the ocean floor; Chile is the second largest producer of lithium thanks to mineral-laced brines in its northern desert. The vote means the draft constitution will lack a dedicated mining statute, although legislation will be vulnerable to changes in the future. "On the one hand, it excludes the risks that were initially foreseen, but on the other hand, it leaves everything subject to simple laws and, therefore, to circumstantial political majorities," Plusmining's Juan Carlos Guajardo told Bloomberg. ETFs: (CPER), (COPX), (JJCTF), (JJC) Copper prices last week plunged below $9K/TON for the first time since October.

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