Freeport-McMoRan Copper & Gold repays $1.28 billion of debt in Q2

By Angela McDaniels

Tacoma, Wash., July 21 - Freeport-McMoRan Copper & Gold Inc. repaid $1.28 billion of debt during the second quarter, according to its earnings release.

The repayments include the redemption of $1 billion of floating-rate senior notes due 2015 on April 1 and the repayment of $278 million of senior debt through open-market purchases at a cost of $302 million.

During the first half of the year, the company repaid approximately $2.6 billion of debt, which is approximately 35% of the amount that was outstanding on Jan. 1, 2009.

At June 30, the company's total debt was approximately $4.8 billion. Of this amount, $5 million will mature in 2010, $97 million in 2011 and $5 million in 2012.

Freeport-McMoRan is a Phoenix-based mining company.

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