Freeport-McMoRan extends bank credit facility

US gold and copper miner Freeport-McMoRan Copper & Gold Inc. announced Tuesday that it has completed its previously announced agreement with its bank group to extend the maturities of its credit facilities through December 31, 2005.

According to the company, aggregate commitments under the credit facilities total $734 million, including $253.4 million if Freeport is required to perform in March 2002 under its guarantee of a loan of PT Nusamba Mineral Industri, leaving $481 million currently available.

Nusamba is an Indonesian investor that indirectly holds a 4.7 percent ownership interest in Freeport-McMoRan principal operating unit, PT Freeport Indonesia (PTFI) which operates giant gold and copper mine in Irian Jaya..

If Freeport-McMoRan were to be required to perform under the guarantee, it would acquire rights to Nusamba's 4.7 percent interest in PTFI. Of the $481 million currently available, borrowings on October 22, 2001 were $266 million.

FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia.(alex)