not vested
Freeport-McMoRan (NYSE:FCX)
If it’s lithium you’re still stuck on, this is by far the best performer out there.
But again, this isn’t just about lithium, and FCX depends quite a lot on its pesticide sales, seeing 92 percent of revenue in the first half of this year from its agricultural solutions business.
And in March last year, FCX bought up a significant portion of DuPont’s crop protection business in a deal that closed last November. That deal turned Freemont into one of the largest agro-tech companies in the world.
Trading as a $20.23-billion market cap company, FCX was also one of the biggest producers of cobalt in the world until it sold its stake in Congolese Tenke Fungurume to China Molybendum for $2.65 billion, though it still has its hands in the cobalt trade through a subsidiary called Freeport Cobalt.
But in October, things are about to getting more interesting because FCX is planning to spin-off it’s lithium segment. FMC Corp’s lithium segment will become Livent Corp. next month. Management expects the lithium segment to generate full-year 2018 revenue in the neighborhood of $445 million and EBITDA of around $200 million.
Look for the IPO this fall, but also watch this …
Source: Oilprice.com