Monday, November 20, 2006

Phreeport McDodgey

Freeport McMoRan is buying out Phelps Dodge for its copper assets. It's like David swallowing Goliath. When things like this happen with the markets so frothy, you always wonder which is the genius, the buyer or the seller.

Freeport has made quite a name for itself with its domineering Indonesian investments, but many in Papua would not put a very nice name to it.

It now adds The Congo to its collection of exotic places to put a hole in the ground.

Freeport believes it can bring [its Indonesian] experience to bear in the Democratic Republic of Congo, where Phelps Dodge has struggled to start its long-delayed Tenke Fungurume copper mine. "It looks to be a world-class development opportunity," Mr. Adkerson said. "Our experience in Indonesia should be useful."

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