A titan in the gold and copper mining world, Freeport-McMoRan Copper and Gold Inc. (NYSE:FCX) closed at a three-and-half month low after dropping 3.5 percent yesterday (Jan. 26, 2010). While calling the bottom on any stock isn’t easy, there are a number of reasons to consider moving into FCX on an uptick in price.

The stock’s gotten pummeled since distributing a 15 cent dividend on Jan. 13 falling 18 percent in eight trading days. That’s too far to drop in too short a time; particularly as gold prices have stabilized. Here’s three reasons then to give Freeport-McMoRan a look:

1) Profit-to-earning ratio. Freeport-McMoRan’s the third-biggest gold mining stock on the major exchanges with a market cap of $31 billion. The only mining companies with bigger market caps are Rio Tinto Plc. (NYSE:RTP) at $96.4 billion and Barrick Gold Corporation (NYSE:ABX) at $35 billion. Freeport-McMoRan is currently the only profitable company among them, though. And they’re trading at a P/E of 12.62.

2) Earnings Report. On Jan. 21, Freeport-McMoRan reported profits of $2.15 per share. That smashed analyst estimates of $1.73. That’s great news after FCX underwent an enormous restructuring last year at a cost of $11.3 billion. Tighter belts and well-lubed wheels mean they’ll likely outperform their peers in the years to come.

3) Copper showing signs of life. As several economies around the world rebounded last year, industrial demand for copper started climbing. A report released yesterday showed that orders for the metal rose 2.7 percent in Europe in November, and analysts are predicting it may hit record prices this year on that demand. More importantly, demand from China has shown little sign of diminishing. Copper prices doubled in 2009, and FCX is the world’s lowest-cost copper producer. The company’s positioned perfectly then if things truly due turn around.

Taseko Mines Limited (AMEX:TGB) doesn’t seem to be getting the respect its due. Indeed, the company’s stock is trading at a paltry 15.7 profit-to-earnings ratio – that’s less than half the P/E ratios of major companies like Goldcorp Inc. (NYSE:GG) and Yamana Gold Inc. (NYSE:AUY), and it even accounts for the large spike in yesterday’s share price.

Of course, Taseko doesn’t get the media coverage that companies like Goldcorp and Yamana get, but that doesn’t mean they won’t. They’re sitting on an enormous reserve of copper and gold at their Prosperity Mine in Canada.

A feasibility study at the Prosperity Mine in British Columbia completed in late-2007 revealed that Taseko’s mine will likely produce 247,000 ounces of gold and 108 million pounds of copper per year for the next 20 years (that’s more than 13 million ounces of gold in all and 5.3 billion pounds of copper). At today’s rates in gold alone, that’s worth $270 million+ every year.

Compare that with the company’s current market capitalization of $620 million and you’ll see why the company’s getting great marks in niche financial publications.

Yesterday’s announcement that Taseko Mines Ltd. sold a 25 percent stake in its Gibraltar copper and molybdenum mine means that they’re $180 million richer. The jump in yesterday’s stock price bumped up their market cap by $100 million, which means there’s likely some short-term movement left in the stock.

The good news for investors, though, is the fact that the capital injection will help Taseko prepare to get their Prosperity Mine project under way quickly.

Production at the Prosperity Mine will likely start in 2010 pending an environmental review by regulators. Once the mine’s online, expect the stock to more accurately reflect its underlying value (namely 13 million ounces of gold in the ground or $13+ billion in assets). You just want to make sure you’re long before the larger company’s start circling with takeover offers, and Taseko’s share moves closer to reality.