The latest intercepts indicate a “large zoned and significantly enriched copper-gold envelope at Gate,” which would be typical for porphyry-hosted mineralization, the company said.
The average price Freeport received for its gold surged nearly 28% to 1,902 per ounce in Q3, with copper and gold sales nearly 7% higher than the company's July estimates.
A weaker U.S. dollar, rising inflation risks and demand driven by additional fiscal and monetary stimulus from major central banks will spur a bull market, according to the bank.