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Freeport-McMoRan Inc (FCX.N)

FCX.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Lundin Mining receives notice of right of first offer on Tenke Fungurume
Monday, 9 May 2016 07:30pm EDT 

Lundin Mining Corp : Lundin Mining receives notice of right of first offer on Tenke Fungurume . Says acknowledges that Freeport-McMoran agreed to sell its interest in TF Holdings to china Molybdenum Co Ltd. .Says currently in process of reviewing formal ROFO notice that was received from Freeport.  Full Article

Freeport-Mcmoran: CMOC to pay termination fee if purchase pact falls through
Monday, 9 May 2016 05:36pm EDT 

Freeport McMoran : McMoran - if stock purchase agreement is terminated, CMOC Ltd would be required to pay co's unit termination fee of $132.5 million - sec filing .McMoran - if agreement terminated by exercise of rofo by THL, co's unit to pay CMOC Ltd a termination fee of $20 million.  Full Article

Freeport-Mcmoran says to sell interests in TF Holdings
Monday, 9 May 2016 06:51am EDT 

Freeport-McMoran Inc : Freeport-McMoran announces agreements to sell its interests in TF Holdings Limited for $2.65 billion in cash and up to $120 million in contingent consideration . Freeport-McMoran - enters exclusive negotiations for sale of its interests in Freeport cobalt and Kisanfu exploration project for $150 million . Freeport does not expect transaction to impact Tenke's operations, employment, taxes and benefits provided to DRC . FCX has agreed to negotiate exclusively with CMOC to enter into definitive agreements to sell its interests in Freeport cobalt . Freeport-McMoran - does not expect a material gain or loss on transaction and expects to use net proceeds to repay debt. . To sell its interests in Freeport cobalt, including Kokkola cobalt refinery in Finland, for $100 million . Under terms of exclusivity agreement, Freeport has agreed to negotiate exclusively with CMOC until december 31, 2016 . To sell its interests in Kisanfu exploration project in democratic republic of Congo (DRC) for $50 million . Contingent consideration consisting of $60 million if average copper price exceeds $3.50/pound,$60 million if average cobalt price exceeds $20/pound .Freeport-McMoran announces agreements to sell its interests in TF Holdings Limited for $2.65 billion in cash and up to $120 million in contingent consideration.  Full Article

China Molybdenum says unit entered into a definitive agreement<3993.HK><603993.SS>
Monday, 9 May 2016 06:46am EDT 

China Molybdenum Co Ltd <603993.SS>: Cmoc-holding announcement <3993.HK> . Agreed purchase price is US$2.65 billion in cash . Deal to acquire its 100% interest in Freeport McMoRan-drc holdings ltd . Unit entered into a definitive agreement with Freeport McMoRan Inc- . CMOC anticipates that the transaction will be completed in the fourth quarter of 2016 . Consideration will be funded in cash and undrawn credit facilities from the group's existing financial resources . Deal to acquire its 100% interest in Freeport McMoRan-drc, which holds freeport's indirect 56% interest in tenke fungurume copper- cobalt mine .  Full Article

Freeport-McMoRan Inc says Chairman of the Board James R. Moffett will step down from Co's Board of Directors and as Executive Chairman
Monday, 28 Dec 2015 08:00am EST 

Freeport-McMoRan Inc:Says Chairman of the Board James R. Moffett will step down from Co's Board of Directors and as Executive Chairman.Moffett, who has been named Chairman Emeritus, has agreed to become a consultant to the FCX Board.Board has elected Gerald J. Ford as Non-Executive Chairman.Sys Richard C. Adkerson, Vice Chairman, continues as President and Chief Executive Officer.  Full Article

Freeport-McMoRan Inc - Indonesia minister distances govt from Freeport extortion allegation - Reuters
Sunday, 13 Dec 2015 06:40pm EST 

Freeport-McMoRan Inc:A senior Indonesian minister on Monday sought to distance the administration from parliament speaker Setya Novanto, who is fighting allegations that he tried to extort shares worth $1.8 billion in the local unit of Freeport McMoRan Inc - RTRS.Novanto is at the center of a major political scandal, with a parliamentary ethics council investigating allegations he used the name of President Joko Widodo to pressure Freeport's officials for the shares, in return for a contract extension. - RTRS.Novanto has denied any wrongdoing - RTRS.Pandjaitan was called to testify after his name came up repeatedly in a secretly recorded meeting between Novanto and the head of Freeport's Indonesian operations. - RTRS.In the recording, Novanto indicated he had the approval of Pandjaitan, who was then the presidential chief of staff, to negotiate for the 20 percent stake on behalf of Widodo - RTRS.The attorney general's office is also looking into the case. Freeport Indonesia must sell the Indonesian government a greater share of its Grasberg copper and gold mine, one of the world's biggest, under regulations passed last year by the previous administration. - RTRS.U.S.-based Freeport sought the contract extension to give it legal certainty before investing billions of dollars in the Grasberg mine. - RTRS.  Full Article

Freeport-McMoRan Inc - Speaker of Indonesian parliament denies Freeport extortion allegation - Reuters
Sunday, 6 Dec 2015 07:46pm EST 

Freeport-McMoRan Inc:The speaker of Indonesia's parliament on Monday denied seeking to extort shares in the local unit of Freeport McMoRan Inc to ensure a contract extension for the mining firm, a member of the assembly's ethics panel said - RTRS.Freeport, which operates copper and gold mines, is at the centre of a major political scandal after the head of its Indonesian operations told the panel last week he had secretly recorded a meeting in which speaker Setya Novanto asked for a 20% stake - RTRS.The panel summoned Novanto for questioning on Monday, but the speaker - a senior member of Indonesia's second-biggest political party, Golkar - asked for a closed-door hearing - RTRS."What is clear is that he denied the accusations or reports, including the contents of the recording that became the basis for the ethics council to hear this case," council member Akbar Faisal told reporters after the hearing. - RTRS.Journalists thronged the parliament on Monday, but a row of security officers kept them out of the room where the hearing was held - RTRS.Analysts say the allegations could further erode investor confidence in Indonesia, which is routinely ranked as one of the world's most corrupt countries - RTRS.The contract extension and now the scandal are more headaches for Freeport in Indonesia, where new rules have banned the export of unprocessed minerals, forcing mining groups to build smelters - RTRS.  Full Article

Freeport-McMoRan Inc - Regulators tell Plains to purge shut California oil pipeline - Reuters
Friday, 13 Nov 2015 05:30pm EST 

Freeport-McMoRan Inc:U.S. pipeline regulators have ordered Plains All American Pipeline LP to purge a California pipeline system of crude to prevent corrosion after a separate pipeline ruptured and fouled Santa Barbara County shores last May - RTRS.The U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) said Plains must purge oil from Line 903, a 130-mile (209 km), pipeline that runs from Gaviota, California inland to Kern County - RTRS.Plains also must purge three shut offshore oil pipelines operated by Freeport McMoRan that normally feed Line 903 - RTRS.PHMSA said surveys have shown that Line 903 has "similar corrosion characteristics" as Line 901, which ruptured and spilled up to 3,400 barrels of crude in mid-May, fouling Santa Barbara County shores as well as wildlife - RTRS.Line 901 has been shut and empty since the spill, and the damaged section was excavated and removed shortly thereafter. Line 903, also shut, has been "full of crude oil" since late May except for a section that operates intermittently at lower pressures, PHMSA said - RTRS.PHMSA, as well as the U.S. Environmental Protection Agency, the U.S. Department of Justice and California state and county agencies are investigating the spill - RTRS.Plains has estimated that spill-related costs could reach $257 million, including fines, settlements and cleanup - RTRS.  Full Article

Freeport-McMoRan announces new board structure & review of strategic alternatives
Tuesday, 6 Oct 2015 08:00am EDT 

Freeport-McMoRan:Announces new board structure & review of strategic alternatives for its oil & gas business.Says undertaking a review of strategic alternatives for its oil and gas business.Says reduced the size of its board from sixteen to nine members.Reconstituted fcx board is comprised of seven independent directors.Says h. Devon graham, jr. and bobby Lee lackey have retired from the fcx board.Says other alternatives currently under consideration include a spinoff of fcx's oil and gas business to its shareholders.In preparation of considering separation of oil and gas business, 5 directors have left fcx board.Fcx remains confident about the longer term outlook for copper prices based on the global demand and supply fundamentals.Oil and gas strategic review is being undertaken with an objective of improving fcx's financial position.A primary objective will be a significant reduction over time of fcx's current debt level".Potential public offering of minority interest in fcx's oil and gas business remains alternative for future consideration.The company will no longer have an office of the chairman management structure.  Full Article

Freeport-McMoRan Declares Quarterly Cash Dividend on Common Stock
Wednesday, 30 Sep 2015 10:30am EDT 

Freeport-McMoRan:Declared a cash dividend of $0.05 per share.payable on November 2, 2015 to holders of record as of October 15, 2015 for its common stock.  Full Article

Noble Corp reports disappointing profit, lowers capex

Rig contractor Noble Corp Plc reported a lower-than-expected quarterly profit and lowered its 2016 capital expenditure as oil producers reduced spending to weather a prolonged slump in crude prices.