Freeport-McMoRan Inc. (NYSE:FCX) is a prominent mining company known for its significant operations in copper, gold, and molybdenum. The company operates globally, with key mining activities in North America, South America, and Indonesia. Freeport's Grasberg Block Cave operation in Indonesia is one of the largest gold and copper mines in the world. The company faces competition from other major mining firms like BHP and Rio Tinto.
Pomerantz LLP is investigating Freeport-McMoRan for potential securities fraud following the suspension of mining activities at Grasberg Block Cave. This suspension, announced on September 9, 2025, was due to a significant flow of wet material that blocked access to parts of the mine, trapping seven workers. The announcement led to a 5.99% drop in Freeport's stock price, closing at $43.87.
Tragically, on September 24, 2025, it was revealed that two of the trapped workers were fatally injured, and five remained missing. This news caused another sharp decline in Freeport's stock price, which fell by 16.95%, closing at $37.67. Pomerantz LLP, known for its expertise in securities class actions, is encouraging investors to join the class action for potential recovery of damages.
Despite these challenges, HSBC upgraded Freeport's stock to "Buy" on October 17, 2025, citing higher copper prices as a key factor. At the time of the upgrade, the stock price was $41.70. Currently, the stock is trading at $41.61, reflecting a 2.02% increase. The stock has traded between $41.35 and $42.25 today, with a market capitalization of approximately $59.74 billion.
Freeport-McMoRan's stock has experienced significant volatility over the past year, with a high of $49.21 and a low of $27.66. The company's trading volume on the NYSE is 10.93 million shares. Investors are closely monitoring the situation, as the investigation by Pomerantz LLP and the impact of higher copper prices continue to influence the stock's performance.
