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): August 16, 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 August 16, 1996:
FREEPORT-McMoRan COPPER & GOLD REALIZES TOTAL AGGREGATE PROCEEDS
OF $97.2 MILLION FROM SALE OF PUT OPTION CONTRACTS
NEW ORLEANS, LA., August 16, 1996 -- Freeport-McMoRan Copper
& Gold Inc. (FCX) announced today that it has now completed the
previously announced sales of its put option contracts which
previously provided a floor price of $0.90 per pound for
approximately 1.2 billion pounds of copper, representing
essentially all of its copper sales through the second quarter of
1997. On July 23, 1996, FCX announced that it had sold
approximately 57 percent of its put option contracts for
approximately $56.3 million and today announced that the
remaining 43 percent of its put option contracts have been sold
for an additional approximate $40.9 million bringing total
aggregate proceeds from these sales to $97.2 million cash. As a
result, FCX will report future copper revenues through June 30,
1997 at a higher price than realized under its copper concentrate
sales contracts, but FCX will no longer have a floor price on any
of its copper sales. FCX will recognize additional revenues in
the following amounts: $30 million in the third quarter of 1996,
$21.1 million in the fourth quarter of 1996, $23 million in the
first quarter of 1997 and $23.1 million in the second quarter of
1997.
FCX is engaged in the exploration, mining and milling of
copper, gold and silver in Irian Jaya, Indonesia, and the
smelting and refining of copper concentrates in Spain.
SIGNATURE
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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: August 26, 1996
