Freeport to acquire Phelps Dodge
Monday, November 20 2006 - 01:19 AM WIB
US copper and gold miner Freeport-McMoRan Copper & Gold Inc. (FCX) announced on Sunday that it had signed definitive merger agreement with Phelps Dodge Corporation under which FCX will acquire Phelps Dodge for approximately US$25.9 billion, creating the world's largest publicly traded copper company.
FCX currently operates a giant copper and gold mining complex in Indonesia?s easternmost province of Papua.
Phelps Dodge is one of the world's leading producers of copper and molybdenum and is the largest producer of molybdenum-based chemicals and continuous-cast copper rod. (alex)