SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 27, 1996
FREEPORT-McMoRan COPPER & GOLD INC.
Delaware 1-9916 74-2480931
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was issued by Freeport-McMoRan Copper
& Gold Inc. on November 27, 1996:
New Orleans, LA., November 27, 1996 -- Freeport-McMoRan
Copper & Gold Inc. (FCX) announced today that it has called for
redemption on December 27, 1996 all of its outstanding Depositary
Shares (the Depositary Shares) representing the company's 7%
Convertible Exchangeable Preferred Stock (the Preferred Stock).
FCX will pay the sum of $26.05, plus $0.2663 representing the
amount of accrued and unpaid dividends to the redemption date on
each Depositary Share, for a total payment of $26.3163 per
Depositary Share.
As an alternative to redemption and at the option of the
holder, the Depositary Shares are convertible until 5:00 p.m.
(Eastern Standard Time) on December 27, 1996 into shares of FCX
Class A common stock at a conversion rate equal to approximately
1.0208 shares of FCX Class A common stock per Depositary Share. In
lieu of any fractional share issuance, an equivalent amount will
be paid in cash by FCX.
As long as the market price of FCX Class A common stock
remains above $25.78 per share, holders of the Depositary Shares
will receive more value upon conversion of the Depositary Shares
into shares of FCX Class A common stock than they would otherwise
receive upon redemption. On November 26, 1996, the closing price
of FCX Class A common stock as reported on the New York Stock
Exchange Composite Tape was $30.125 per share. If all Depositary
Shares are converted into Class A common shares an additional 8.9
million Class A common shares will be issued. FCX Class A and
Class B common shares and common share equivalents outstanding on
September 30, 1996 totaled approximately 195 million shares.
ChaseMellon Shareholder Services, L.L.C., the depositary,
will mail today a notice of redemption to all holders of record of
the Depositary Shares.
FCX is engaged in mineral exploration and development, mining
and milling of copper, gold and silver in Irian Jaya, Indonesia,
and the smelting and refining of copper concentrates in Spain.
FCX is also involved in a joint venture to construct and operate a
smelter/refinery in Indonesia.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
FREEPORT-McMoRan COPPER & GOLD INC.
By: /s/ Michael A. Weaver
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Michael A. Weaver
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: December 3, 1996
