Freeport, Phelps Dodge shareholders approve acquisition
Thursday, March 15 2007 - 12:19 AM WIB
US miners Freeport-McMoRan Copper & Gold Inc.(FCX) and Phelps Dodge Corporation announced Wednesday that the shareholders of both companies approved FCX?s acquisition of Phelps Dodge at special meetings held Wednesday.
FCX?s President and CEO Richard C. Adkerson, said acquisition would transform FCX into the world?s largest publicly traded copper producer.
The transaction is expected to close on March 19, 2007.
Upon the closing of the merger, FCX will operate a geographically diverse portfolio of reserves of copper, gold and molybdenum. The Grasberg mine in Papua, the world?s largest copper and gold mine in terms of reserves, will be the key asset of the combined company. FCX will operate significant mining operations in North and South America and will proceed with the initial development of the Tenke Fungurume project in the Democratic Republic of Congo.(alex)