Latest news with #Freeport
Yahoo
5 days ago
- Business
- Yahoo
Max Resource Corp. Announces Participation in THE Mining Investment Event, Quebec City, June 3-5, 2025
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2025) - Max Resource Corp. (TSXV: MAX) is pleased to announce that it will be participating in THE Mining Investment Event, Canada's Only Tier 1 Global Mining Investment Conference©, taking place June 3-5, 2025, at the Quebec Convention Centre, Quebec City, Canada. Max Resource Corp.'s management will be available to meet, and hold scheduled one-on-one investor meetings throughout the three-day conference. 'We are particularly excited about the global audience that THE Event has attracted, showcasing the best of international mining in Canada. This is a unique chance to engage with industry leaders and innovators, facilitating discussions that will shape the future of our sector. We look forward to seeing many of you there and exploring the possibilities that await us at this prestigious gathering.' Information regarding THE Event, including investor registration details, a list of participating companies, panelists and keynote speakers, as well as a preliminary agenda, can be found at About Max Resource wholly owned Sierra Azul Project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron). Max has an Earn-In Agreement ('EIA') with Freeport-McMoRan Exploration Corporation ('Freeport'), a wholly owned affiliate of Freeport-McMoRan Inc. relating to the Sierra Azul Project. Under the terms of the EIA, Freeport has been granted a two-stage option to acquire up to an 80% ownership interest in the Sierra Azul Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55million. Max is the operator of the initial stage. The USD $4.8 million 2025 exploration program for the Sierra Azul Project is funded by Freeport. Max Iron Brazil's wholly owned Florália DSO Project is located 67-km east of Belo Horizonte, Minas Gerais, Brazil's largest iron ore and steel producing State. Max's technical team has significantly expanded the Florália DSO hematite geological target from 8-12mt at 58% Fe to 50-70mt at 55%-61% Fe. Max Iron Brazil Ltd. ('Max Brazil'), a majority owned subsidiary of Max. As announced on February 27, 2025, Max Brazil plans to seek listing on the ASX Limited ("ASX") or "Australian Stock Exchange")."Australian Stock Exchange"). THE Event is by invitation only - Interested investors & issuers, please go here: or contact Jennifer Choi, jchoi@ About: THE Mining Investment Event—Canada's Only Tier 1 Global Mining Investment Conference© is held annually in Québec City, Canada. It is independently sponsored and designed to facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities. The conference provides a platform to hear from some of the most influential thought leaders in the sector. THE Event is committed to promoting diversity, equality, and sustainability in the mining industry through education and innovation through its unique Student Sponsorship and SHE-Co Initiatives. For further information: Brett MatichCEO(604) 484 1230info@ Max cautions investors the potential quantity and grade of the iron ore is conceptual in nature, and further cautions there has been insufficient exploration to define a mineral resource, and Max is uncertain if further exploration will result in the target being delineated as a mineral resource. DSO and Iron Ore are widely recognized industry terms, however they are not meant to imply Florália hosts mineral reserves or resources as defined in National Instrument 43-101. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
Natural gas flows to Freeport LNG export plant in Texas drop Wednesday, sources say
HOUSTON, May 28 (Reuters) - Natural gas flows to a Freeport liquefied natural gas (LNG) export plant in Texas declined on Wednesday, likely leading to a reduction in LNG output, two sources said. Freeport is the third largest LNG export facility in the U.S. and has helped the country remain the world's largest exporter of the superchilled gas. It is one of the most closely watched LNG export plants in the world because the start and stop of its operations can often cause price swings in global gas markets. It has a capacity to consume 2.2 billion cubic feet of gas per day and can produce 16.3 million metric tons per annum (mtpa) of LNG. When flows to Freeport drop, gas prices in the U.S. usually decline due to lower demand from the plant for the fuel. Meanwhile, prices in Europe usually increase due to a drop in LNG supplies available to global markets from the plant. Freeport declined to comment. Last Friday, the company experienced a brief power outage to one of its plants, commonly called trains, and had to take the plant out of service to cool down before eventually restarting it, according to a filing with the Texas Commission on Environmental Quality (TCEQ). Freeport reported last Friday's trip was caused by the plant's compressor system, according to the TCEQ filing.
Travel Weekly
27-05-2025
- Business
- Travel Weekly
The Grand Lucayan overhaul is a $827 million bet on cruise tourism
Betting on the increasing popularity of cruising and its influence on the Bahamian economy, a Miami-based developer will spend $827 million to transform more than half of Grand Lucayan Resort's 56-acre beachfront on Grand Bahama Island into a destination tailor-made for cruise guests. Concord Wilshire Capital signed a $120 million deal with the Bahamian government on May 15 to purchase the Freeport property. A massive redevelopment plan includes a waterpark and beach area hosting live music for passengers on all cruise lines. The project will also include a hotel, casino and golf course. Scheduled for completion in 2028, all parts of the property will be open to anyone willing to pay for access, but the waterpark area is being designed specifically to cater to the cruise customer, said Richard Bosworth, a board member of Concord Wilshire Capital's Lucayan resort and gaming platform. "When we looked at the market and we looked at what really drives the business in the Bahamas, and Grand Bahama, it is the cruise business," he said. "Cruise is a business that really is growing, and it's growing in all travel market segments. It's growing with families, it's growing with singles and it's growing with those who are looking for music and entertainment." It was for that reason that the company decided to dedicate more than half of the beachfront area to the waterpark, which cruise lines will be able to offer guests as an optional excursion package, Bosworth said. He estimates the port will be able to accommodate more than 10,000 passengers and multiple ships every day. Concord Wilshire Capital envisions that the transformed Grand Lucayan will have multiple pools. Photo Credit: Concord Wilshire Capital Private cruise destinations are very popular The decision comes with the cruise industry's significant success with private island destinations, which similarly include entertainment and food options tailor-made for ship guests looking for easy access to a variety of land experiences. Royal Caribbean Group's Perfect Day at CocoCay is the trend-setter in this category. CocoCay is Royal Caribbean International's highest-rated Caribbean destination, and Royal is building an even bigger Perfect Day in the Mexican Caribbean. In 2020, Royal Caribbean had entered into an agreement to build a cruise destination at Grand Lucayan, but the deal was later canceled. Norwegian Cruise Line is in the midst of a major upgrade to its private Bahamian island, Great Stirrup Cay, that will include the addition of a resort-style pool and a Vibe Beach Club. Disney Cruise Line opened Lookout Cay at Lighthouse Point on Bahamian island Eleuthera last year. And Carnival Cruise Line is opening its own private destination with waterpark on Grand Bahama, Celebration Key, in July. "With Celebration Key, we've built something really special on Grand Bahama -- and it's gratifying to see the rest of the island thrive," Carnival Corp. said in response to the Grand Lucayan plan. "The Bahamas has experienced a remarkable renaissance in its tourism economy by working closely with the cruise industry, and we hope this level of engagement and collaboration will create even more opportunities in the future." A rendering shows the revamped Grand Lucayan will have outdoor gaming tables. Photo Credit: Concord Wilshire Capital Don't think of the Grand Lucayan as a private cruise destination, Bosworth said, since it's open to all. But do think of it as having the entertainment value that cruise guests appreciate. "It's more than just getting a beach chair or a cabana by the pool," he said. "This is an experiential adventure." Cruise lines are being consulted in the planning process to gauge what features they'd like to see at Grand Lucayan, Bosworth said. The developer is envisioning multiple pools and water recreation with surrounding eateries, casino games and live music, all along the waterfront. Bosworth expects there will be sectioned areas that cater to different types of guests, such as young families and music festival enthusiasts, with live music playing a significant role in the experience. The casino, meanwhile, will be 25,000 square feet. Greg Norman is designing a golf course for the property. A new hotel will have 350 guestrooms and 120 residences or timeshares. The neighboring 12,000-foot Port Lucaya Marketplace is being acquired by Bahamaland Investments and will be integrated into the Grand Lucayan property, Concord Wilshire said. Bosworth said the marketplace will enable guests to experience the island's culture without leaving the resort. "While I'm sure the cruise lines will be offering excursions that allow their passengers to explore the Grand Bahama, we're going to have, I believe, enough at our location that will give you that experience without having necessarily to travel," he said. And while cruise lines may contribute the bulk of resort guests in the daytime, the property will be designed to draw in resort guests and others enjoying the island in the evening, as well, Bosworth said. The hotel portion of Grand Lucayan will have 350 guestrooms and 120 residential and timeshare units. Photo Credit: Concord Wilshire Capital Demolitions will take place this year, and construction will commence in the second half of 2026 for an anticipated completion in early 2028, Bosworth said. The Grand Lucayan Resort, Grand Bahama's largest resort property, opened with its first hotel in 1999. It was damaged by Hurricane Matthew in 2016 and Hurricane Dorian in 2019. Two of the resort's three hotels, Breaker's Cay and Lanai Suites, remain closed, with the 196-room, all-inclusive Lighthouse Pointe Hotel the only hotel now in operation. It will remain open, with the redevelopment initially focusing on the rest of the property, Bosworth said.
Reuters
22-05-2025
- Business
- Reuters
Freeport Indonesia says Manyar smelter resumes operations after fire
JAKARTA, May 22 (Reuters) - Copper miner Freeport Indonesia said its $3.7 billion Manyar smelter in East Java has resumed operations earlier than anticipated after a fire took it offline last year, and is expected to produce copper cathode by the fourth week of June. CEO Tony Wenas said in a statement on Thursday the plant was expected to reach full production capacity by December. A fire damaged the plant last October. Wenas said production had been expected to resume in June, but the repairs were completed ahead of schedule. In March, the Indonesian government gave Freeport Indonesia, a unit of Freeport-McMoRan Inc (FCX.N), opens new tab, a six-month permit to export 1.27 million metric tons of copper concentrate, relaxing a country-wide export ban on unprocessed copper because the company was unable to use the smelter.
Yahoo
21-05-2025
- Business
- Yahoo
3 American Companies Investors Need to Know Amid Trump's Tariff Wars
Copper is a critical metal for the U.S. industrial economy. This American appliance maker expects the Trump administration to close loopholes that will improve its competitive positioning. Exporting LNG is a key growth opportunity for the U.S. energy sector. 10 stocks we like better than Freeport-McMoRan › It's difficult to predict precisely what the tariff landscape will look like when the dust settles on the trade conflict, but we can say some things with a high degree of certainty. The current U.S. administration is serious about improving trading conditions for American companies and workers. That counts for both exporters and American companies competing domestically. In addition, President Trump is trying to encourage self-sufficiency in energy and key minerals and metals. That's great news for companies like Freeport-McMoran (NYSE: FCX), Whirlpool (NYSE: WHR), and Cheniere Energy (NYSE: LNG). Here's why. The miner dominates the domestic copper market. It provides 70% of the domestically sourced copper for U.S. refined production. That said, the U.S. imports 45% of its refined copper consumption. If the U.S. is going to reduce its dependency on foreign refined copper, Freeport-McMoran will play a significant role. There's increasing support for such an approach, with the U.S. Chamber of Commerce writing to the Commerce Department advocating for copper to be included in the list of critical metals and to receive tax credits under the existing section 45X tax credits, and for immediate action to encourage minerals and metals production in the U.S. The good news is Freeport-McMoran is ideally placed to meet domestic demand with potential brownfield projects in Bagdad and Lone Star, Arizona, as well as an exciting leaching initiative to extract copper from existing U.S. stockpiles. In addition, President Trump has requested an investigation of copper imports, which could lead to tariffs on them. The mere threat of tariffs has encouraged the market to pay a premium for U.S. copper of around 13%. Freeport's management estimates that this premium were to remain through the year, it would lead to an $800 million "bottom line" financial benefit. If a tariff of, say, 25% is imposed, Freeport will benefit even more. While none of these events can be guaranteed, the current administration is biased toward supporting investment in copper and domestic provision of it, which is highly likely to improve Freeport-McMoran's profitability. Appliance maker Whirlpool trades with a massive dividend yield, but its $380 million dividend may not prove sustainable if current market pressures persist. Persistently high interest rates continue to pressure the housing market and, in turn, higher-margin discretionary purchases of domestic appliances. Moreover, its competitive position was hit in late 2024 and early 2025 as Asian competitors pushed through imports to the U.S. in anticipation of tariffs. In addition, the pause on tariffs recently announced with China may encourage more near-term imports. With $4.8 billion in long-term debt, and its forecast for $500 million to $600 million in free cash flow (FCF) in doubt, Whirlpool's dividend payout is already questionable. That said, management believes the company will be a net winner from tariffs, not least if the administration closes a loophole that allows Asian competitors not to pay tariffs on the Chinese steel they use in their products. This would result in a $70-per-product cost disadvantage (and a $150 difference in the retail margin) for Whirlpool on large major appliances such as washing machines. On the last earnings call, CEO Marc Bitzer said he had "a high degree of confidence that the new administration will close these loopholes." That would be a significant win for Whirlpool, and if management decides to reset investor expectations, possibly after a dividend cut, Whirlpool could be an excellent stock to invest in. The Biden administration paused approvals for applications to export liquefied natural gas (LNG) from new projects in 2024. The Trump administration immediately ordered their resumption upon taking office. The difference is stark, and it's good news for Cheniere Energy, the largest LNG producer in the U.S. The company owns a 48.6% stake in Cheniere Energy Partners (owners of the major LNG terminal in Sabine Pass, Louisiana). In addition, Cheniere Energy owns the Corpus Christi LNG Terminal in Texas, which it continues to invest in to expand capacity. The company's business model involves purchasing natural gas in the North American market (which the Trump administration wants to encourage) and processing it into LNG for export worldwide. Again, it's no secret that President Trump is actively promoting LNG exports around the globe. The point of tariffs is to improve U.S. companies' competitive positioning, whether domestically or in international markets. However, the current administration can also do this by encouraging investment in copper, closing loopholes that hurt Whirlpool's competitive positioning, and encouraging LNG investment and export markets. If these things happen, the stocks discussed above will be long-term winners. Before you buy stock in Freeport-McMoRan, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Freeport-McMoRan wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor's total average return is 975% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cheniere Energy. The Motley Fool recommends Whirlpool. The Motley Fool has a disclosure policy. 3 American Companies Investors Need to Know Amid Trump's Tariff Wars was originally published by The Motley Fool
