NEW YORK (TheStreet) -- Freeport-McMoRan Copper & Gold (FCX) shares are up 2.6% to $37.83 on Wednesday after the company confirmed that its CEO Richard Adkerson was still in Jakarta, Indonesia negotiating with the government in the hopes of avoiding international arbitration over a copper export dispute.
The company stopped copper production in January after the government introduced an export tax, among other new mining rules, in an effort to spur the miner to build processing plants in the country.
Global copper prices are near a four month high due in part to the Indonesian stoppage and Freeport Indonesia CEO Rozik Soetjipto told Reuters that the talks to resolve the issue were still ongoing.
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TheStreet Ratings team rates FREEPORT-MCMORAN COP&GOLD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN COP&GOLD (FCX) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."