FCX is an absolute bargain at this price range. If you study the reports out there note that FCX will mine into higher grade copper and gold reserves in its Grasberg Mine next year. It has slowed down its lower grade mines where the incremental production cost are highest. Very well run mining concern. This stock sector was one of the casualties of the hedge funds playing with over-leverged positions and having to sell their best holdings to liquidate their redemntions. FCX at 16 is below the intrinsic value of its assets. You can justify 16 a share on FCX projected gold production alone, and you get a world class copper play for next to nothing.
This is the type of stock purchase, along with other basic industry plays like Mosiac and US Steel that I am buying these days as a long term holding position. Forget about high tech or other sectors. We all use this stuff. Just try to run any modern economy without metals or agrichemicals!
(This is my opinion only, not investment advice. Do your own due dilligence before you invest!)