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 6, 1997
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.
NEW ORLEANS, LA., August 6, 1997 -- Freeport-McMoRan Copper &
Gold Inc. (FCX) announced today that its Board of Directors has
authorized a new open market share purchase program for up to 20
million shares, in total, of its FCX Class A and Class B common
stock representing approximately 10 percent of the common shares
outstanding. The purchases will occur over time depending upon
many factors, including the market price of the common shares;
the company's operating results, cash flows and financial
position; and general economic and market conditions.
FCX also announced that Mr. Jonathan C. A. Leslie has
replaced Mr. Leigh Clifford on its Board of Directors. Mr.
Leslie is Chief Executive Copper, Rio Tinto following the
reorganization of Rio Tinto into global product groups in March
1997. Mr. Leslie was appointed to the Rio Tinto Board of
Directors in 1994 as Director of Mining. In 1996, he transferred
to Melbourne where his responsibilities included business
activities in India, Japan, the Philippines and Papua New Guinea.
Mr. Leslie joined Rio Tinto in 1977. He is a graduate of
Trinity College, Oxford, receiving a Masters of Arts degree in
Jurisprudence. He was called to the Bar in 1974. Mr. Clifford
is Chief Executive Energy, Rio Tinto. Rio Tinto is a world
leader in the international mining industry and owns
approximately 12 percent of the common stock of FCX.
Mr. James R. Moffett, Chairman and CEO of FCX, said, "FCX
has purchased over 18 million shares of its Class A and Class B
common stock under its prior open market share purchase program
for up to 20 million shares which was previously announced on
September 13, 1995. As in the past, we will administer the new
program in a financially sound manner to achieve substantial
value for our shareholders. Furthermore, FCX will continue to
focus on other value enhancements and growth opportunities not
only through additional mine/mill expansion programs but also
through exploration opportunities on the approximately 5 million
acres under its Contracts of Work in Irian Jaya, Indonesia.
Additionally, with our low cost structure, FCX is well positioned
to take advantage of market opportunities when they arise."
Mr. Moffett continued, "We are also very pleased with the
addition of Mr. Leslie to our Board. With the benefit of his
experience in Rio Tinto's extensive worldwide operations and his
current responsibility for Rio Tinto's global copper operations,
he brings extremely valuable mining and management expertise to
our Board."
FCX is engaged in mineral exploration and development, and
the mining and milling of ore containing copper, gold and silver
in Irian Jaya, Indonesia. FCX is also involved in the smelting
and refining of copper concentrates in Spain and the construction
of a copper 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
-----------------------
Michael A. Weaver
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: August 6, 1997
