FREEPORT-McMORAN COPPER AND GOLD (FCX $76.60, rated Overweight with $142 target raised from $135) DETAILED LOOK AT MID-2015 GRASBERG TRANSITION TO UNDERGROUND SUGGESTS RETURN TO 240,000 MTPD OUTPUT AS RIO TINTO EARNS 40% STAKE IN 1/2022; HIGHEST GRADES AND OUTPUT FROM KUCING LIAR IN 2031 TO 2041 2/19/2010

FREEPORT-McMORAN COPPER AND GOLD (FCX $76.60, rated Overweight
with $142 target raised from $135) DETAILED LOOK AT MID-2015 GRASBERG
TRANSITION TO UNDERGROUND SUGGESTS RETURN TO 240,000 MTPD
OUTPUT AS RIO TINTO EARNS 40% STAKE IN 1/2022; HIGHEST GRADES
AND OUTPUT FROM KUCING LIAR IN 2031 TO 2041 2/19/2010