Freeport completes Phelps acquisition

New Orleans-based miner Freeport-McMoRan Copper & Gold Inc. (FCX) on Monday announced that it has completed US$26 billion acquisition of Phelps Dodge Corporation, creating the world?s largest publicly traded copper company.

The new FCX will be an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum.

James R. Moffett will continue as Chairman of FCX and Richard C. Adkerson will continue as FCX's Chief Executive Officer. Timothy R. Snider, previously President and Chief Operating Officer at Phelps Dodge, has been named President and Chief Operating Officer of FCX. Kathleen L. Quirk has been named Executive Vice President and will continue as Chief Financial Officer and Treasurer of FCX. Michael J. Arnold has been named Executive Vice President and will continue to serve as FCX's Chief Administrative Officer. Mark J. Johnson will continue as Senior Vice President and Chief Operating Officer of FCX's Indonesian operations.

FCX also announced today the election of three former directors of Phelps Dodge Corporation to its Board of Directors: General Charles C. Krulak, Jon C. Madonna and Dustan E. McCoy.(alex)