Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed its previously announced sale of a 13 percent interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co. Ltd. (SMM) for cash consideration of $1.0 billion. The transaction has an effective date of May 31, 2016. The Morenci unincorporated joint venture is [...]
Freeport-McMoRan Inc. (NYSE:FCX) announced today that it has entered into a definitive agreement to sell its interests in TF Holdings Limited (TF Holdings) to China Molybdenum Co. Ltd.. (CMOC) for $2.65 billion in cash and contingent consideration of up to $120 million, consisting of $60 million if the average copper price exceeds $3.50 per pound [...]
Freeport-McMoRan Inc. (NYSE: FCX): Net loss attributable to common stock totaled $4.2 billion, $3.35 per share, for first-quarter 2016. After adjusting for net charges totaling $4.0 billion, $3.19 per share, first-quarter 2016 adjusted net loss attributable to common stock totaled $197 million, $0.16 per share. Consolidated sales totaled 1.1 [...]
Freeport-McMoRan Inc. (NYSE: FCX) announced today a new organizational structure for its subsidiary Freeport-McMoRan Oil & Gas (FM O&G). The changes are being undertaken to reduce costs, streamline functions and to enhance capital allocation across FCX’s global business in a manner consistent with FCX’s debt reduction initiatives. FM [...]
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has entered into a definitive agreement to sell a 13 percent ownership interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co., Ltd. (SMM) for $1.0 billion in cash. Richard C. Adkerson, FCX’s President and Chief Executive Officer, said: “We are pleased [...]
Freeport-McMoRan Inc. (NYSE: FCX): Net loss attributable to common stock totaled $4.1 billion, $3.47 per share, for fourth-quarter 2015 and $12.2 billion, $11.31 per share, for the year 2015. After adjusting for net charges totaling $4.1 billion, $3.45 per share, for fourth-quarter 2015 and $12.1 billion, $11.23 per share, for the year 2015 [...]
Freeport-McMoRan Inc. (NYSE:FCX) announced today that James R. Moffett, Chairman of the Board, co-founder, and long-time executive, will step down from FCX’s Board of Directors and as Executive Chairman. Mr. Moffett, who has been named Chairman Emeritus, has agreed to become a consultant to the FCX Board, including providing advisory services [...]
Freeport-McMoRan Inc. (NYSE: FCX) today announced additional actions in response to market conditions, including further revisions to its oil and gas capital spending plans, additional curtailments in copper and molybdenum production and the suspension of its common stock dividend. Oil & Gas Review. As previously reported on August 5, 2015 [...]
Freeport-McMoRan Inc. (NYSE: FCX): Net loss attributable to common stock totaled $3.8 billion, $3.58 per share, for third-quarter 2015. After adjusting for net charges totaling $3.7 billion, $3.43 per share, third-quarter 2015 adjusted net loss attributable to common stock totaled $156 million, $0.15 per share. Consolidated sales totaled 1.0 [...]
Freeport-McMoRan Inc. (NYSE: FCX) announced today that PT Freeport Indonesia (PT-FI) and the Government of Indonesia have engaged in productive discussions regarding PT-FI's long term operating rights and investment plans. The Government is currently developing economic stimulus measures which include revisions to mining regulations to promote [...]
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has entered into an agreement with Carl C. Icahn and his affiliates. In connection with this agreement, Andrew Langham and Courtney Mather have been appointed to FCX’s Board of Directors. With these additions, the FCX Board is comprised of eleven directors, nine independent directors [...]
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has reduced the size of its Board from sixteen to nine members and is undertaking a review of strategic alternatives for its oil and gas business, following constructive discussions with many of its largest shareholders. The reconstituted FCX Board is comprised of seven independent [...]
