The worst deal I've ever seen

Freeport McMoRan is a giant of the resources industry. One of the world’s largest producers of gold and copper, it operates the biggest gold mine in the world, the monstrous Grasberg mine in West Papua.Grasberg, which was originally discovered in the 1930’s, still ranks amongst the most lucrative mines in the world and has made Freeport a fortune. Now Freeport has decided to use some of that bounty to purchase two oil exploration businesses for US$20bn. A gold and copper business will now become an energy producer. It’s akin to waking up one morning to find Newcrest Mining buying Woodside...

Freeport McMoRan is a giant of the resources industry. One of the world’s largest producers of gold and copper, it operates the biggest gold mine in the world, the monstrous Grasberg mine in West Papua.

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