Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks and Final Mandatory Redemption on Silver-Denominated Preferred Stock.NEW ORLEANS -- Freeport-McMoRan Copper & Gold Inc. (NYSE NYSE See: New York Stock Exchange : 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 ) today declares the following quarterly cash dividends payable Dividends payable The declared dividend dollar amount that a company is obligated to pay. on August 1, 2006 to holders of record as of July 17, 2006: --$0.3125 per share of FCX's Common Stock (NYSE: FCX). --$13.75 per share of FCX's 5 1/2% Convertible Perpetual Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . --$0.0558 per depositary share (NYSE: FCX Pr D, CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. 35671D865), representing the final regular dividend for FCX's Silver-Denominated Preferred Stock. FCX will also distribute on August 1, 2006 proceeds from the final mandatory redemption of FCX's Silver-Denominated Preferred Stock to holders of FCX's depositary shares (NYSE: FCX Pr D), representing its Silver-Denominated Preferred Stock. The distribution payment will be $5.411 per depositary share. The $5.411 redemption price is equal to 0.5 times the arithmetic average of the London silver fixing spot price for an ounce of silver in the London bullion market The London bullion market, is entirely different from, but often confused with the London Metal Exchange. Only base metals are traded at the London Metal Exchange (LME), while gold and silver are traded by members of the London Bullion Market Association (LBMA), loosely overseen by on each of the 20 trading days ending on June 28, 2006 (equivalent to $10.822 per ounce). This redemption will reduce FCX's total consolidated debt by $12.5 million and will reduce third quarter revenues by $13.3 million, resulting in an approximate $7 million impact to net income. As previously announced, written notice of the specific terms for the final mandatory redemption, along with a transmittal form, were mailed to registered holders of the depositary shares by Mellon Investor Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (Mellon), the redemption agent, on or about June 15, 2006. Registered holders of depositary shares were instructed to deliver the transmittal form along with their certificates representing depositary shares to Mellon in order to receive the redemption amount plus any accrued and unpaid dividends. Any questions may also be directed to Mellon at 1-800-777-3674. The distribution of cash proceeds from the mandatory redemption will be a taxable event. Depositary shareholders should consult their tax advisors regarding their individual circumstances. FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia. Additional information about FCX is available on our Internet website www.fcx.com. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion