Freeport-McMoRan to redeem gold-denominated preferreds

By Jennifer Chiou

New York, Dec. 9 - Freeport-McMoRan Copper & Gold Inc. announced the redemption on Feb. 1 of its series II gold-denominated preferred stock and the related outstanding depositary shares representing 0.05 shares of the preferreds.

There are 4,305,580 depositary shares outstanding.

Each depositary share will be redeemed for 0.10 times the average of the London P.M. gold fixing price for one ounce of gold in the London bullion market on each of the 20 trading days ending on Jan. 30.

Depository shareholders will also receive regular quarterly dividends payable on Feb. 1.

Mellon Investor Services LLC is the redemption agent.

New Orleans-based Freeport-McMoRan develops and mines ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia.

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