MAC/20: Mines and Communities

Yet another pit fall at Freeport-Rio Tinto mine, as global investor downgrades the company

Published by MAC on 2003-12-22


Yet another pit fall at Freeport-Rio Tinto mine, as global investor downgrades the company

Morgan Stanley downgrades Freeport

MiningNews

December 22, 2003

The share price of U.S. copper and gold producer, Freeport McMoran, has been hit hard by a downgrade from the leading investment bank. Morgan Stanley downgraded Freeport from a status it calls "equal weight" to "underweight", broker code for sell.

The bank said it believed Freeport share will rise over 2004, but that it will underperform key rivals, such as Phelps Dodge and Alcoa.

Freeport shares plunged by 6% to $US41 after the release of the downgrade.

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