Freeport’s Oil-Gas Bet Prompts Biggest Slump in 4 Years: Energy
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Freeport-McMoRan Copper & Gold Inc.’s $9 billion bet on Gulf of Mexico oil and gas assets is the latest example of mining companies’ move into energy that ends up hurting investors.
The company, the biggest publicly traded copper producer, slumped 16 percent yesterday, the most in four years, after saying it agreed to buy Plains Exploration & Production Co. and McMoRan Exploration Co. The stock fell 4.2 percent to $30.81 at the close today in New York.