Freeport to redeem silver-denominated preferred stock

By Jennifer Chiou

New York, June 15 - Freeport-McMoRan Copper & Gold Inc. announced the final mandatory redemption of its silver-denominated preferred stock and the 4.76 million of depositary shares representing 0.003125 shares of the preferreds.

The redemption date is Aug. 1.

For each depositary share, the company said it will pay a cash amount equal to the value of 0.5 ounce of silver, calculated using the average of the London silver fixing spot price for an ounce of silver in the London bullion market on each of the 20 trading days ending on June 28.

Shareholders will also receive the final regular quarterly dividends.

Mellon Investor Services LLC is the redemption agent (800 777-3674).

New Orleans-based Freeport-McMoRan mines copper, gold and silver in Indonesia and smelts copper in Spain and Indonesia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.