FREEPORT-McMoRan COPPER & GOLD REALIZES TOTAL AGGREGATE PROCEEDS OF $97.2 MILLION FROM SALE OF PUT OPTION CONTRACTS.NEW ORLEANS--(BUSINESS WIRE)--Aug. 16, 1996--Freeport-McMoRan Copper & Gold Inc. (FCX FCX French Connexion (gaming site) FCX Freeport-McMoran Copper & Gold Inc (stock symbol) FCX Fuel Cell Experiment (Honda) FCX Fire Coordination Exercise FCX Fire Control Exercise ) announced today that it has now completed the previously announced sales of its put option contracts which previously provided a floor price of $0.90 per pound for approximately 1.2 billion pounds of copper, representing essentially all of its copper sales through the second quarter of 1997. On July 23, 1996, FCX announced that it had sold approximately 57 percent of its put option contracts for approximately $56.3 million and today announced that the remaining 43 percent of its put option contracts have been sold for an additional approximate $40.9 million bringing total aggregate proceeds from these sales to $97.2 million cash. As a result, FCX will report future copper revenues through June 30, 1997 at a higher price than realized under its copper concentrate sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. , but FCX will no longer have a floor price on any of its copper sales. FCX will recognize additional revenues in the following amounts: $30 million in the third quarter of 1996, $21.1 million in the fourth quarter of 1996, $23 million in the first quarter of 1997 and $23.1 million in the second quarter of 1997. FCX is engaged in the exploration, mining and milling of copper, gold and silver in Irian Jaya Irian Jaya, province, Indonesia: see Papua. , Indonesia, and the smelting smelting, in metallurgy, any process of melting or fusion, especially to extract a metal from its ore. Smelting processes vary in detail depending on the nature of the ore and the metal involved, but they are typified in the use of the blast furnace. and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar of copper concentrates in Spain. CONTACT: Freeport-McMoRan Copper & Gold Inc., New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded Craig E. Saporito, 504/582-4476 Chris D. Sammons, 504/582-4474 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion