ADVFN - Advanced Financial Network.
HOME» NYSE » F » FCX Stock Price » FCX Stock News

Freeport Mcmoran Share News

 Freeport-mcmoran Copper & Gold Inc. Stock Price
FCX Stock Price
 Freeport-mcmoran Copper & Gold Inc. Stock Chart
FCX Stock Chart
 Freeport-mcmoran Copper & Gold Inc. Stock News
FCX Stock News
 Freeport-mcmoran Copper & Gold Inc. Company Information
FCX Company Information
 Freeport-mcmoran Copper & Gold Inc. Stock Trades
FCX Stock Trades

Freeport McMoRan: No Impact From New Indonesia Mine Rules

By Tatyana Shumsky Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Freeport McMoRan Copper & Gold Inc. (FCX) said its contract with the Indonesian government will protect the company's ownership of its Grasberg copper operations from new rules requiring foreign investors to reduce direct stakes in mines. Indonesia will require foreign investors to gradually reduce their stakes in mineral and coal mines until they reach a maximum 49% ownership, from previous limits of 80%, the Energy and Mineral Resources Ministry said Wednesday. The rule change will affect new contracts or the renewal of existing contracts, a senior Indonesian official told Dow Jones Newswires. Freeport McMoRan, the world's largest listed copper producer, signed an agreement, known as a contract of work, with Indonesia in 1991 for 30 years with two 10-year extensions. "Our Contract of Work does not require Freeport-McMoRan to divest any portion of its ownership in PT Freeport Indonesia or PT Indocopper Investama," Freeport McMoRan spokesman Eric Kinneberg told Dow Jones Newswires in an email. Freeport McMoRan owns 90.64% of PT Freeport Indonesia, including 9.36% owned through its wholly owned subsidiary, PT Indocopper Investama. The government of Indonesia owns the remaining 9.36% of PT Freeport Indonesia. The parent company has previously said that any changes to the contract of work would require mutual agreement between Freeport McMoRan and the government of Indonesia. Freeport McMoRan also said it has agreed to voluntarily divest at fair market value a 9.36% stake and is in discussions with potential acquirers, including the Province of Papua. The company also confirmed previously announced plans to restart work at Grasberg on March 12. Operations at the world's third-largest open-pit copper mine were interrupted by a labor strike last year, and Freeport McMoRan said its 2012 forecast gold and copper sales remain under review and will be updated to reflect the disruptions. -By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; --Deden Sudrajat in Jakarta contributed to this article.

Stock News for Freeport Mcmoran (FCX)
10/08/201508:10:19Current Report Filing (8-k)
10/08/201507:54:00PT Freeport Indonesia & the Government of Indonesia Agree on...
10/07/201517:16:41Amended Statement of Beneficial Ownership (sc 13d/a)
10/07/201512:10:55Current Report Filing (8-k)
10/07/201510:50:00Freeport Adds 2 Icahn Directors
10/07/201510:36:00Freeport-McMoRan Adds 2 Icahn Directors To Board
10/07/201510:09:00Carl Icahn Releases Statement on Agreement with Freeport-McMoRan
10/07/201509:31:00Freeport-McMoRan Appoints Two New Directors
10/06/201509:50:00Freeport-McMoRan Reviewing Options for Oil-and-Gas Business
10/06/201509:27:00Freeport-McMoRan Reviewing Options for Oil-and-Gas Business
10/06/201508:00:00Freeport-McMoRan Announces New Board Structure & Review of Strategic...
10/05/201516:43:35Statement of Changes in Beneficial Ownership (4)
10/05/201516:43:35Statement of Changes in Beneficial Ownership (4)
10/05/201516:43:35Statement of Changes in Beneficial Ownership (4)
09/30/201510:36:00Basic Materials Sector Stocks Under Scan - Alcoa, Petroleo Brasileiro...
09/30/201510:30:00Freeport-McMoRan Declares Quarterly Cash Dividend on Common Stock
09/28/201516:43:01Current Report Filing (8-k)
09/28/201508:00:00Freeport-McMoRan Announces Positive Drilling Results at the Horn...
09/23/201508:02:24Amended Statement of Beneficial Ownership (sc 13d/a)
09/23/201508:01:00Pre-market Insights on Basic Materials Sector -- Freeport-McMoRan...

Freeport Mcmoran and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations