Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks
25 März 2010 - 5:47PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) today
declares the following quarterly cash dividends payable on May 1,
2010 to holders of record as of April 15, 2010:
- $0.15 per share of FCX’s Common
Stock (NYSE: FCX).
- $1.6875 per share of FCX’s 6¾%
Mandatory Convertible Preferred Stock (NYSE: FCXprM).
This preferred dividend will be the final quarterly cash
dividend paid on FCX’s 6¾% Mandatory Convertible Preferred Stock,
which automatically converts on May 1, 2010, into between
approximately 39 million and 47 million common shares depending on
the applicable average closing market price of FCX's common stock
over the 20 trading day period beginning on March 31, 2010 and
ending on April 28, 2010. If the applicable average closing market
price of FCX's common stock is $72.91 or above then the conversion
rate per $100 face amount of the preferred stock will be 1.3716.
The conversion price would be 1.6460 if such price is at or below
$60.75. For average FCX common stock prices between $60.75 and
$72.91, the conversion rate will be equal to $100 divided by FCX's
average closing common stock price during the 20 trading day
period.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX has a dynamic portfolio of
operating, expansion and growth projects in the copper industry and
is the world’s largest producer of molybdenum.
The company’s portfolio of assets includes the Grasberg mining
complex, the world’s largest copper and gold mine in terms of
recoverable reserves, significant mining operations in the
Americas, including the large scale Morenci and Safford minerals
districts in North America and the Cerro Verde and El Abra
operations in South America, and the Tenke Fungurume minerals
district in the Democratic Republic of Congo. Additional
information about FCX is available on our web site at
www.fcx.com.
Cautionary Statement. This press release contains
forward-looking statements in which we discuss factors we believe
may affect our performance in the future. Forward-looking
statements are all statements other than historical facts, such as
statements regarding timing of dividend payments. The declaration
and payment of dividends is at the discretion of FCX's Board of
Directors and will depend on FCX's financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board. Additionally, important factors that might cause
future results to differ from results anticipated by
forward-looking statements include mine sequencing, production
rates, industry risks, commodity prices, political risks, the
potential effects of the recent violence in Indonesia, potential
outcomes of the contract review process in the Democratic Republic
of Congo, weather-related risks, labor relations, currency
translation risks and other factors described in FCX's Annual
Report on Form 10-K for the year ended December 31, 2009, filed
with the Securities and Exchange Commission, as updated by our
subsequent filings with the SEC.
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