Billionaire Stanley Druckenmiller’s Top 10 Stock Picks

8. Freeport-McMoRan Inc. (NYSE:FCX)

Duquesne Capital’s Stake Value: $68,737,000

Number of Hedge Fund Holders: 74

Freeport-McMoRan Inc. (NYSE:FCX) is a mining company that ranks eighth on our list of the top stock picks of Stanley Druckenmiller. The company is one of the largest producers of copper, gold, and molybdenum. While the company has expertise in several areas, it has an emphasis on long-lived copper assets. In the third quarter of 2024, copper and gold sales volume grew well above the July 2024 estimate and the levels from the third quarter of 2023. During the quarter, copper production reached 1.05 billion recoverable pounds, and sales were recorded at 1.04 billion recoverable pounds, 2% above the July 2024 estimate.

As of today, the company operates seven open-pit copper mines in North America, two copper mines in South America, and one of the largest copper and gold deposits in Indonesia through its subsidiary PT-FI. Towards the end of 2019, the subsidiary completed mining the final phase of the Grasberg open pit. From 1990 to 2019, the pit produced 33 billion pounds of copper and 53 million ounces of gold, including 27 billion pounds of copper and 46 million ounces of gold from the Grasberg open pit.

Overall, Freeport-McMoRan Inc. (NYSE:FCX) generated net income worth $526 million and $1.9 billion in operating cash flows in the third quarter of 2024. Consequently, consolidated sales for 2024 are expected to reach 4.1 billion pounds of copper, 1.8 million ounces of gold, and 80 million pounds of molybdenum. At the same time, the company expects production of gold and copper to exceed sales, representing 85 million pounds of copper and 85,000 ounces of gold in inventories for the next year. The company has a dominant position in the production and sale of copper, positioning it as a leader in the industry.