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DOJ: Freeport-McMoran To Pay $6.8 Million For Natural Resource Damage Claims

DOW JONES NEWSWIRES Copper producer Freeport-McMoRan Corp. (FCX) and a subsidiary have agreed to pay $6.8 million to settle federal and state natural resource damage claims related to the Morenci copper mine in Arizona, the Department of Justice and the Department of the Interior said. The complaint, which was filed jointly by the U.S. and Arizona on Tuesday in the U.S. District Court in Arizona, alleges that the release of hazardous substances from Freeport-McMoran Morenci Inc.'s mine site damaged or destroyed surface waters, terrestrial habitat and wildlife and migratory birds in the area. The Morenci Mine was owned and operated by Phelps Dodge Corp. until it was acquired by Freeport-McMoRan in 2007. Under the consent decree lodged Tuesday in federal court, the company will pay $6.8 million to the Department of the Interior, which will be used for projects to restore or acquire wildlife and wildlife habitat in the impacted area. In February, the federal district court in New Mexico approved a consent decree between the U.S., New Mexico and Freeport-McMoRan that resolved natural resource damages claims at three mining sites in southwestern New Mexico. Shares closed at $36.99 Tuesday and were unchanged after hours. The stock is down 33% over the past 12 months. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
10/28/201414:40:06Threats of Mine Strikes Lift Copper Prices
10/28/201410:36:39Copper Futures Climb on Worries Of Reduced Metal Supply
10/27/201418:21:07Freeport to Address Situation in Indonesia -- Earnings Preview
09/27/201407:25:14Indonesia Mine Halts Production After Four Killed in Crash
09/15/201402:30:28Freeport-McMoRan's Indonesia Operations Unaffected by Fatal Accident
08/07/201413:04:17Freeport-McMoRan Said Considering $5 Billion Sale of California...
08/05/201422:20:41Freeport Indonesia Resumes Copper Concentrate Exports Wednesday...
08/05/201408:36:30Indonesia 2Q GDP Growth Slows to 5.12% -- Update
08/04/201405:45:24Freeport Indonesian Unit May Start Exporting Copper Concentrate...
07/25/201402:15:05Indonesia President Approves New Contract Terms With Freeport...
07/17/201404:14:23Indonesia Demands Newmont Withdraw Arbitration Filing
07/07/201404:06:22Indonesia and Freeport Agree on New Mining Contract Terms: Minister
07/01/201407:09:48Newmont Files for Arbitration Against Indonesia Government on...
06/05/201415:31:48Newmont Mining Declares Force Majeure in Indonesia -- 2nd Update
06/03/201403:16:20Newmont Stops Copper Concentrate Production in Indonesia
05/07/201411:27:46Correction to "Encana to Buy Eagle Ford Assets From Freeport-McMoRan...
05/07/201410:57:15Encana to Buy Eagle Ford Assets From Freeport-McMoRan for $3.1...
05/07/201410:14:58U.S. Hot Stocks: Hot Stocks to Watch
05/07/201401:26:28Newmont's Indonesia Unit May Start Cutting Output by June 1
02/28/201412:30:10Freeport-McMoRan Issues Warning on Indonesia Unit

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