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October Surprise 2024

Freeport-McMoRan Inc. (FCX) Business & Moat Analysis (2026)

Freeport-McMoRan possesses a powerful but flawed business moat built on its portfolio of world-class copper mines. Its primary strengths are its massive scale, long-life reserves, and high-quality ore, particularly at the Grasberg mine, which produces significant gold by-products that lower costs.