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Freeport-McMoRan Inc (FCX)

FCX on New York Consolidated

18 Sep 2017
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Latest Key Developments (Source: Significant Developments)

Freeport-McMoRan announces framework for agreement with Indonesian government regarding long-term operating rights for PT Freeport Indonesia
Tuesday, 29 Aug 2017 08:00am EDT 

Aug 29 (Reuters) - Freeport-McMoRan Inc :Freeport-McMoRan announces framework for agreement with indonesian government regarding long-term operating rights for PT Freeport Indonesia.Freeport-McMoRan Inc- ‍PT-FI will convert its contract of work to special license which will provide PT-FI with long-term operating rights through 2041​.Freeport-McMoRan Inc- ‍PT-FI will commit to construct a new smelter in Indonesia within five years​.Freeport-McMoRan Inc- ‍Indonesian government will provide certainty of fiscal and legal terms during term of IUPK​.Freeport-McMoRan Inc- ‍FCX will agree to divest ownership in PT-FI at fair market value so that Indonesia interests own 51 percent of PT-FI's shares​.Freeport-McMoRan Inc- ‍Divestment of ownership in PT-FI will be structured so that FCX will retain control over operations and governance of PT-FI​.Freeport-McMoRan Inc- ‍FCX and government of Indonesia reached understanding on a framework to support PT-FI's long-term investment plans in Papua​.  Full Article

Freeport-McMoRan announces redemption of five series of senior notes
Friday, 18 Aug 2017 09:06am EDT 

Aug 18 (Reuters) - Freeport-McMoRan Inc :Freeport-McMoRan announces redemption of five series of senior notes.Freeport-McMoRan Inc - ‍expects to record a gain to net income of approximately $11 million in q3 of 2017 in connection with redemptions.​.Freeport - ‍notices have been issued to redeem $543 million of two series of co's senior notes, three series of Freeport-McMoRan Oil & Gas LLC senior notes.Freeport-McMoRan - ‍aggregate cash interest cost savings would approximate $35 million per annum related to notes redemptions​.  Full Article

Cox Oil Offshore purchases majority interest in Gulf of Mexico fields from Freeport-McMoran
Tuesday, 1 Aug 2017 06:17am EDT 

Aug 1 (Reuters) - Freeport-mcmoran Inc :Cox oil offshore purchases majority interest in Gulf of Mexico fields from Freeport-McMoran.‍Cox Oil Offshore says transaction includes FCX's interests in flatrock and hurricane areas of OCS-310 "tiger shoal" lease​.  Full Article

Freeport to talk with Indonesia gov't on value of divestment -CEO
Tuesday, 25 Jul 2017 11:38am EDT 

July 25 (Reuters) - Freeport-McMoRan Inc :Freeport-McMoRan has not yet negotiated with Indonesian gov't on fair value of operations for divestment -CEO Richard Adkerson.Freeport suggests to gov't that optimal way to divest is starting with listing, likely 10 percent, on Indonesian stock exchange -Adkerson.  Full Article

Freeport sees mining deal with Indonesia, but challenges -CEO
Tuesday, 25 Jul 2017 11:14am EDT 

July 25 (Reuters) - Freeport-McMoRan Inc :Contract talks with Indonesia "very active", "mutual sense of optimism" agreement can be reached -CEO Richard Adkerson.Freeport CEO personally involved in talks with Indonesia, responsive to gov't goals on divestment, smelter investment -Adkerson.Freeport would require operational and governance control of Grasberg, any divestment would need to be fair market value -Adkerson.Freeport would stop Indonesian spending plan of $700 million in 2017, $750 million in 2018 on Grasberg block cave, if "unexpectedly" unable to reach agreement -Adkerson.Freeport remains focused on getting Indonesia agreement this year, gov't has objective to resolve issue 'we just haven't seen in the past' - CEO Adkerson.Freeport preparing for arbitration if no agreement reached, 120-day notice period runs course, but not desired outcome - Adkerson.Any Freeport arbitration claim would be 'very large," reflect losses from contract issues in previous years -Adkerson.Freeport expects to have mining agreement with Indonesia by October -Adkerson.  Full Article

Freeport-McMoRan reports Q2 adj. EPS $0.17; copper sales of 942 mln pounds
Tuesday, 25 Jul 2017 08:00am EDT 

July 25 (Reuters) - Freeport-McMoRan :Freeport-McMoRan reports second-quarter and six-month 2017 results.Q2 earnings per share $0.18.Q2 earnings per share view $0.20 -- Thomson Reuters I/B/E/S.Q2 adjusted earnings per share $0.17.Freeport-McMoRan inc - second-quarter 2017 copper sales of 942 million pounds were lower than april 2017 estimate of 975 million pounds.Freeport-McMoRan inc Q2 average realized price was $2.65​ per pound for copper versus $2.18 per pound.freeport-McMoRan-‍consolidated sales for year 2017 expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold, 93 million pounds of molybdenum​.Freeport-McMoRan inc qtrly average realized price was $‍1,243​ per ounce for gold versus $1,292 per ounce.Freeport-McMoRan inc - second-quarter 2017 gold sales of 432 thousand ounces were slightly lower than april 2017 estimate of 440 thousand ounces.Freeport-McMoRan inc - second-quarter 2017 molybdenum sales of 25 million pounds were slightly higher than april 2017 estimate of 24 million pounds.Freeport-McMoRan inc - qtrly revenue $3,711 million versus $3,334 million.Freeport-McMoRan inc sees ‍consolidated sales of 940 million pounds of copper, 375 thousand ounces of gold and 22 million pounds of molybdenum for q3 2017​.Freeport-McMoRan inc - capital expenditures totaled $362 million for second-quarter 2017 and $706 million for first six months of 2017.Freeport-McMoRan inc - capital expenditures for year 2017 are expected to approximate $1.6 billion.  Full Article

China Molybdenum Co says acquisition of copper-cobalt mine from Freeport-Mcmoran has been completed
Thursday, 15 Jun 2017 09:52am EDT 

June 15 (Reuters) - China Molybdenum Co Ltd 3993.HK:Clarification announcement in relation to media report.Noted certain media report regarding company giving up its acquisition of copper-cobalt mine from Freeport-Mcmoran Inc .As disclosed in announcement dated 17 Nov 2016, acquisition of copper-cobalt mine from Freeport-Mcmoran Inc. has been completed.  Full Article

Freeport reluctant to fully suspend Grasberg development -CEO
Tuesday, 25 Apr 2017 11:24am EDT 

April 25 (Reuters) - Freeport-McMoRan :Reluctant to fully suspend Grasberg block cave expansion, would take months to reassemble highly-skilled workers, posing "significant operational issue" -CEO Richard Adkerson.Grasberg mine ramp up targets mill rate of less than 200,000 tons in Q2, reaching 200,000 tons by end of Q2 -Chief Financial Officer Kathleen Quirk.Q1 conference call ends.  Full Article

Freeport to reduce Grasberg inventory, deal with labor issues
Tuesday, 25 Apr 2017 11:06am EDT 

April 25 (Reuters) - Freeport-McMoRan :CEO Richard Adkerson says close to 100,000 tons copper concentrate stored at Grasberg portside and storage facilities, will use series of ships with 25,000 ton capacity to reduce inventory.Freeport in talks with union representing 12,000 of 32,000 Grasberg workforce to end absenteeism, getting support from police, gov't -CEO.Freeport worker absenteeism affected by recent demonstration, in which some injured by police use of rubber bullets, union also concerned by Freeport plans to reduce employment -CEO.Freeport's Adkerson says recent Indonesia visit by U.S. VP Mike Pence was positive, company getting support from others in U.S. gov't: state department, Congress and business groups for Indonesia-U.S. bilateral relationships.Freeport does not underestimate challenges in long-term permit talks with gov't, arbitration remains option, in mid-June either Freeport or gov't can pursue, Freeport hopes to avoid-CEO.  Full Article

Freeport-McMoRan slows Grasberg development spend-CEO
Tuesday, 25 Apr 2017 10:43am EDT 

April 25 (Reuters) - Freeport-McMoRan Inc :CEO Richard Adkerson says capital spending at Indonesia's Grasberg mine slowed by about one-third in first quarter, now spending about $40 million each month on Grasberg block cave.Freeport prepared to suspend Grasberg underground development, total suspension would put about 5,000 workers out of work-CEO.Freeport says Indonesia's government has lost almost $500 mln in taxes, royalties during 3-month export ban-CEO.Freeport able to generate cash flow from Grasberg even if exports suspended-CEO.Freeport has spent $3 billion to date on Grasberg block cave development, just over halfway through that development-CEO.  Full Article

METALS-Copper slides as funds sell and inventories rise

* China commodity imports suggest rally may be fading (Adds closing prices)