The latest earnings from copper, gold, and molybdenum miner Freeport-McMoRan (NYSE: FCX) highlight the ongoing debate around the stock and the copper mining sector. In truth, the miner's share price will always be a function of the price of copper, but that's no bad thing. Moreover, Freeport offers copper bulls a relatively safe way to play the theme, and the recent results confirm that. Here's what you need to know before buying the stock. 

Freeport's copper sales volumes are set to be flat for the next few years, while there's some upward pressure on its net unit cash costs in the near term. In other words, you can't rely on a volume increase to generate revenue growth at the copper miner. You can see these dynamics laid out in the chart below. 

In this scenario, there are three things to consider. First, there's the price of copper and Freeport's profitability, given the price. Second, look at Freeport's ability to invest in supporting mine development and copper production. Third, there's always a risk element to consider, not least because mining is a tough business with plenty of pitfalls. 

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Source Fool.com