Freeport McMoran's Saving Grace: China

Despite signs of an economic pullback in the United States, Freeport McMoran Copper & Gold is not worried about its business. Why? China is likely to pick up the slack.

"Well China is probably the biggest growth story in business history," said the company's CEO, Richard Adkerson, in an interview on CNBC's "Squawk Box." "And in any short-term moment you can have issues with it, but longer-run with that huge population, with the urbanization and building cities, it's a great story and I think a great precursor for development around the world…

"From our business standpoint, because copper is such a great component of that, we're just very encouraged by it. And, even with all the problems today in the U.S., our business is very strong."

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