NEM, FCX, CDE - Chart Reviews

Newmont Mining Corporation , NYSE : NEM

NEM - Typical A-B-C correction wave (59.59$ - 47.34$), went below the 200 DMA. Yesterday managed to break above the pink downtrend line, close above the 200 DMA and the 61,8% Fibonacci line. RSI trending up above 50, PPO positive crossover, PPO histogram positive, ADX bullish crossover. Nice candle on relatively high volume. Support at the 200 DMA, between 50$ to 51$ and at green support line. Resistance at the 50 DMA and Fibonacci appropriate levels.











































Freeport-McMoRan Copper & Gold Inc , NYSE : FCX

FCX – Topped early at mid April , had A-B-C-D-E correction wave(71.06$ - 43.10$), went below the 200 DMA then bounced sharply to close above the pink downtrend line. Currently above the first Fibonacci line just under the 50 DMA. Resistance at 50 DMA and Fibonacci levels. Support at the 200 DMA , Fibonnaci 38.2% level and green uptrend line. Big up day on good volume, RSI looking strong trending up above 50. PPO bullish crossover , PPO Histogram positive, ADX bullish crossover.










































Coeur d'Alene Mines Corporation , NYSE : CDE

CDE- A-B-C-D-E correction wave (7.37$ - 3.93$), currently still below the 200 DMA. Break up above orange downtrend line. Support at green uptrend line, Resistance at the 200 DMA. RSI trending up but still below 50, PPO positive crossover, PPO histogram positive, ADX Improving.

Indonesia Supreme Audit Board calls for review of Freeport-McMoRan (FCX) contract

The risks...

JAKARTA (XFN-ASIA) - The Supreme Audit Board (BPK) is recommending a government review of its contract with US-based PT Freeport Indonesia as the current one does not maximize the revenue potential from its Papua copper and gold mine, Koran Tempo reported, quoting a BPK official.

'Review Freeport's royalty payment and fixed payments,' BPK member Baharuddin Aritonang was quoted as saying what the recommendation was.
Tempo said a BPK study covering 2004 and the first half of 2005 found that Freeport paid its royalty based on quarterly average prices, against accounting principles which require the use of prices per transaction.

This practice caused the state a potential revenue loss of 2.23 mln usd and a further 369,490 usd in unpaid royalty for 2003 and 2004, the report said.
BPK also found that Freeport's contract does not include sulphur as a by-product, causing a potential revenue loss of 14.4 mln usd.

Additionally, the audit agency found that Freeport has sold its copper concentrate to Glencore AG at below-market prices. This led to a potential tax revenue loss of 5.9 mln usd, Tempo said.
BPK's report comes as the government is studying Freeport's operation amid calls for the mine to be shut down as it does not benefit the local community.

Freeport has also been accused of pollution and human rights abuses, which the company has denied. - source

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Indonesia seeks revised Freeport-McMoRan profit-sharing deal

JAKARTA (MarketWatch) -- Soaring mineral prices on the global market justify a revision of the government's profit-sharing agreement with U.S. mining giant Freeport-McMoRan Copper & Gold Inc. (FCX), Indonesia's Vice President Jusuf Kalla said Friday.

"Prices of gold and nickel are currently high, (and) based on this, profit sharing should be increased by two-to-three times from the previous figures," Kalla told reporters, without elaborating on the terms of the government's current profit sharing deal.

Kalla said his desire to gain a bigger slice of the profits from Freeport-McMoRan's massive Grasberg mine in remote Papua province was motivated by concern for Papuan residents rather a bid to boost desperately-needed government revenues.

"This is for the sake of Papuan people, because 70% of profit sharing (from Freeport-McMoRan's operations) will be given to the Papuan people," he said, without elaborating.

A Freeport-McMoRan spokesperson could not immediately be reached for comment.

Kalla said the government would seek to review the contracts of large foreign investment projects, including Freeport-McMoRan's Grasberg, every five years, without elaborating.

Copper and gold prices on the world market hit record highs earlier this month as fund managers entered the market en masse as a result of strong demand expectations from the Asian economic powerhouses of China and India.
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