Freeport-McMoRan Copper & Gold today announced that PT Freeport Indonesia (PT-FI) has resumed open pit mining and concentrating activities at its Grasberg operations in Papua, Indonesia following approval from Indonesia’s Department of Energy and Mineral Resources on June 21, 2013. The resumption of production activities is being conducted in a phased approach. Open pit and milling operations have commenced initially and [...]
Freeport-McMoRan today provided an update on the status of PT Freeport Indonesia’s (PT-FI) Grasberg operations in Papua, Indonesia following the May 14, 2013 accident at an underground training facility. Although the tragic accident occurred outside the area of mining operations, PT-FI temporarily suspended mining and processing activities at the Grasberg complex out of respect for and in sympathy of the deceased and [...]
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) today announced that it has completed the final step of its three-way combination with Plains Exploration & Production Company (NYSE: PXP) and McMoRan Exploration Co. (NYSE: MMR). The PXP transaction closed on May 31, 2013 a ...
Freeport-McMoRan Copper & Gold and McMoRan Exploration announced that the shareholders of MMR approved FCX’s acquisition of MMR at a special meeting held today. A majority of the outstanding shares, excluding shares held by interested parties, approved the transaction. The parties expect that the acquisition will close promptly.
Freeport-McMoRan Copper & Gold today announced that it has completed its acquisition of Plains Exploration & Production, adding a high quality portfolio of U.S.-based oil and gas assets to its global mining business. 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 [...]
Freeport-McMoRan announced today the appointment of three former directors of Plains Exploration & Production Company to its Board of Directors: James C. Flores, Alan R. Buckwalter, III and Thomas A. Fry, III. James C. Flores, 53, is Vice Chairman of the Board of FCX and Chief Executive Officer and President of Freeport-McMoRan Oil & Gas LLC, a wholly owned subsidiary of FCX. Mr. Flores is a member of the newly formed [...]
Freeport-McMoRan announced today that its Board of Directors has declared a supplemental common stock dividend of $1.00 per share to be paid on July 1, 2013 to shareholders of record as of June 14, 2013. The supplemental dividend to be paid in July is in addition to FCX’s regular quarterly common stock dividend of $0.3125 per share. Based on approximately 1,038 million common shares outstanding, the supplemental dividend [...]
Freeport-McMoRan Copper & Gold and Plains Exploration & Production today announced the final allocation of the merger consideration to be paid in connection with FCX’s pending acquisition of PXP, which was approved by PXP stockholders on May 20, 2013 and is currently expected to be completed on May 31, 2013. This allocation has been determined based on an FCX stock price of $32.17 per share, which is the average of the [...]
Freeport-McMoRan Copper & Gold and Plains Exploration & Production today announced that the shareholders of PXP approved FCX’s acquisition of PXP at a special meeting held today. A majority of the outstanding shares approved the transaction. The transaction is anticipated to close on May 31, 2013. Following completion of the transaction, there are expected to be approximately 1,038 million shares of FCX outstanding.
Freeport-McMoRan Copper & Gold announced today 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. 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 [...]
Freeport-McMoRan Copper & Gold and Plains Exploration & Production today announced the preliminary results of the elections made by PXP stockholders regarding the form of merger consideration to be received in connection with FCX’s pending acquisition of PXP, which is currently expected to be completed on May 20. As previously announced, on December 5, FCX and PXP announced that they had entered into a definitive merger [...]
Freeport-McMoRan Copper & Gold today reiterated its support for its proposed transaction with Plains Exploration & Production and its commitment to completing the transaction on the terms agreed with the PXP Board of Directors. FCX and a Special Committee of its Board of Directors formed to consider the transaction also announced that the agreed terms are “best and final” and that Freeport did not intend to increase the [...]
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