We believe that Freeport-McMoRan’s (FCX) stock is worth a minimum of $34 per share currently based on the replacement cost of the company's irreplaceable world class copper capacity and the implied value of its gold and molybdenum mining operations. By next year, as the growing copper deficit potentially pushes the base metal's price towards $3.50/lb and FCX’s 2021 EBITDA estimates rise to in excess of $8 billion, or 40% of the company’s current EV, the stock price could appreciate towards $57. There has been speculation that Rio Tinto (RIO) is interested