Carl Icahn has snapped up a huge stake in Freeport-McMoRan and the stock is ripping

Carl Icahn has picked his next target — Freeport-McMoRan.

Icahn and a group of other investors have snapped up a 8.46% stake in mining company Freeport-McMoRan, according to a joint filing.

It’s a joint filing with High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Beckton Corp, and Icahn.

Shares of Freeport-McMoRan are ripping in the after-hours, up more than 18.9%.

The stock closed up $US.2.27, or 28.66%, to end at $US10.19.

The group of investors said in the report that they may seek a board seat, and had not had any discussions with the company’s management prior to the filing.

Earlier this month, Icahn disclosed a stake in Cheniere. This week, he got two board seats.

We’ll have more in a moment.

Here’s the five-day chart:

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