Key Developments: Freeport-McMoRan Inc (FCX.N)

FCX.N on New York Stock Exchange

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21 Nov 2014
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Latest Key Developments (Source: Significant Developments)

Freeport-McMoRan Copper & Gold Inc's Indonesia Union Reaches Tentative Deal On Wages-Reuters
Wednesday, 2 Oct 2013 06:39am EDT 

Reuters reported that Freeport-McMoRan Copper & Gold Inc reached a tentative agreement with Indonesian union workers on October 02, 2013 over wages and pensions, a union official said, raising hopes that a strike will be averted with just two days left of talks. Contract talks between workers and management at Freeport's Grasberg mine in Papua, have entered their fourth month and are scheduled to end on October 04, 2013 with or without a deal. Freeport's Indonesian unit could not be reached immediately for comment on October 02, 2013. The negotiations, which are seeking agreement on workers' wages, benefits, rights, obligations and pensions, were suspended in May when a tunnel collapse killed 28 people, and then resumed in June.  Full Article

Freeport-McMoRan Copper & Gold Inc Declares Quarterly Cash Dividend On Common Stock
Wednesday, 25 Sep 2013 11:36am EDT 

Freeport-McMoRan Copper & Gold Inc announced that it has declared a cash dividend of $0.3125 per share payable on November 1, 2013 to holders of record as of October 15, 2013 for its common stock.  Full Article

Freeport-McMoRan Copper & Gold Inc Declares Quarterly Cash Dividend on Common Stock
Thursday, 27 Jun 2013 12:48pm EDT 

Freeport-McMoRan Copper & Gold Inc announced that it has declared a cash dividend of $0.3125 per share payable on August 1, 2013 to holders of record as of July 15, 2013 for its common stock.  Full Article

Freeport-McMoRan Copper & Gold Inc Completes Acquisition Of Plains Exploration & Production Company
Friday, 31 May 2013 08:19am EDT 

Freeport-McMoRan Copper & Gold Inc announced that it has completed acquisition of Plains Exploration & Production Company. This approximate $16.3 billion transaction included the assumption of $9.7 billion of PXP debt as of March 31, 2013, the payment of approximately $3.3 billion in cash ($25 per PXP share), the issuance of approximately 91 million shares of FCX common stock (0.6531 shares per PXP share), equivalent to a value of approximately $2.9 billion based on the closing price of FCX's common stock on May 30, 2013, and the value of the $3 per share PXP special cash dividend paid on May 31, 2013.  Full Article

Freeport-McMoRan Copper & Gold Inc Announces Intention to Declare $1.00 per Share Supplemental Dividend on Closing of Plains Exploration & Production Company Acquisition
Monday, 20 May 2013 07:37am EDT 

Freeport-McMoRan Copper & Gold Inc announced that its Board of Directors intends to declare a supplemental dividend of $1.00 per share of common stock immediately following the closing of the pending acquisition of Plains Exploration & Production Company. This supplemental dividend would be in addition to FCX`s regular quarterly common stock dividend of $0.3125 per share. The payment of the dividend is intended to benefit both FCX`s current shareholders and the FCX shares to be issued in connection with the pending acquisition of Plains Exploration & Production Company. The declaration of the supplemental dividend is conditional on the closing of the transaction. In addition, a special committee of FCX`s Board of Directors formed to consider the transaction and the FCX Board of Directors have agreed to allow Plains Exploration & Production Company to pay a $3.00 per share cash dividend to PXP stockholders upon completion of the transaction.  Full Article

Lundin Mining Corp Announces Closing Of Acquisition Of Kokkola Cobalt Refinery From OM Group Inc And Freeport-McMoRan Copper & Gold Inc
Friday, 29 Mar 2013 02:00pm EDT 

Lundin Mining Corp announced the closing of the previously announced acquisition of the Kokkola cobalt chemical refinery located in Finland and related sales and marketing business (collectively Kokkola) from OM Group Inc. As previously disclosed, Lundin Mining will hold an effective 24% ownership interest in the Kokkola joint venture, with Freeport-McMoRan Copper & Gold Inc. (Freeport) holding an effective 56% ownership interest and acting as operator of the joint venture, and La Generale des Carrieres et des Mines (Gecamines), the Congolese state mining company, holding a 20% interest. Lundin Mining and Freeport have funded the initial acquisition costs including working capital on a 30%/70% basis, which amounts will be repaid in full prior to any distributions. Additional attributable consideration remains payable over a period of three years, contingent upon the achievement of revenue-based performance targets.  Full Article

Freeport-McMoRan Copper & Gold Inc Declares Quarterly Cash Dividend on Common Stock
Wednesday, 27 Mar 2013 11:09am EDT 

Freeport-McMoRan Copper & Gold Inc announced that it declared a cash dividend of $0.3125 per share payable on May 1, 2013 to holders of record as of April 15, 2013 for its common stock.  Full Article

Freeport-McMoRan Copper & Gold Inc Completes Sale Of $6.5 Billion Of Senior Notes In Private Placement
Thursday, 7 Mar 2013 10:59am EST 

Freeport-McMoRan Copper & Gold Inc announced that it has completed the sale of $6.5 billion of senior notes in four tranches, consisting of 5-year, 7-year, 10-year and 30-year senior notes. The offering generated net proceeds of approximately $6.4 billion, which FCX expects to use, together with the net proceeds of its $4.0 billion term loan, primarily to fund the acquisitions of Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR), including for the payment of cash consideration for the acquisitions and the repayment of certain indebtedness of PXP. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., and Citigroup Global Markets Inc. were joint book-running managers for the senior notes offering.  Full Article

Freeport-McMoRan Copper & Gold Inc Prices $6.5 Billion In Private Placement Of Senior Notes
Friday, 1 Mar 2013 08:30am EST 

Freeport-McMoRan Copper & Gold Inc announced the pricing of $6.5 billion of senior notes in four tranches, consisting of 5-year, 7-year, 10-year and 30-year senior notes. Following is a summary of the four new tranches of debt, which will have an aggregate weighted interest cost of approximately 3.9%. The sale of the senior notes is expected to settle on March 7, 2013, subject to customary closing conditions. FCX intends to use the net proceeds from the offering, together with the net proceeds of its term loan, primarily to fund the Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR) acquisitions, including for the payment of cash consideration for the acquisitions and the repayment of certain indebtedness of PXP. If the PXP acquisition does not close, FCX will be required to redeem all of the outstanding 7-year, 10-year and 30-year notes at 101% plus accrued and unpaid interest. As previously announced, PXP and MMR stockholder meetings to approve the acquisitions will be held after the U.S. Securities and Exchange Commission has declared effective the respective registration statements on Form S-4 filed in connection with the acquisitions. The transactions are expected to close in second-quarter 2013.  Full Article

Freeport-McMoRan Copper & Gold Inc Proposes Private Placement Of Senior Notes
Thursday, 28 Feb 2013 08:58am EST 

Freeport-McMoRan Copper & Gold Inc announced that it intends to offer, senior notes in multiple tranches. FCX intends to use the net proceeds from the offering, together with the net proceeds of term loan, primarily to fund the Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR) acquisitions, including for the payment of cash consideration for the acquisitions and the repayment of certain indebtedness of PXP. If the PXP acquisition does not close, FCX will be required to redeem all of the outstanding Notes in certain of the tranches at 101% plus accrued and unpaid interest. As previously announced, PXP and MMR stockholder meetings to approve the acquisitions will be held after the U.S. Securities and Exchange Commission has declared effective the respective registration statements on Form S-4 filed in connection with the acquisitions. The transactions are expected to close in second-quarter 2013.  Full Article

UPDATE 2-Freeport U.S. smelter could be shut for several more weeks

Nov 18 - Freeport-McMoRan Inc expects repairs to its sole U.S. copper smelter, which was shuttered last week after a fire, to last into December, a company spokesman said on Tuesday.

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