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): May 24, 2000
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.
CAUTIONARY STATEMENT
The press release below contains forward-looking statements in which we
discuss factors we believe may affect our performance in the future.
Forward-looking statements are all statements other than historical
facts, such as those regarding anticipated production rates and health
and environmental impacts. We caution you that these statements are not
guarantees of future performance, and our actual results may differ
materially from those projected, anticipated or assumed in the
forward-looking statements. Important factors that can cause our
actual results to differ materially from those anticipated in the
forward-looking statements include unanticipated milling and other
processing problems, labor relations, weather conditions, health and
environmental problems and other factors described in more detail under the
heading "Cautionary Statements" in our Form 10-K for the year ended
December 31, 1999.
The following news release was issued by Freeport-McMoRan Copper &
Gold Inc. on May 24, 2000:
NEW ORLEANS, LA, May 24, 2000 -- Freeport-McMoRan Copper & Gold Inc.
(NYSE:FCX) announced today that P.T. Freeport Indonesia (PTFI), its
principal operating unit, in consultation with the Government of Indonesia,
has voluntarily agreed to temporarily limit production at its Grasberg
open pit to an average of no more than 200,000 metric tons of ore per
day pending the conclusion of technical studies and recommendations for
the safe re-use of the Wanagon basin, in response to the previously reported
incident on May 4, 2000 involving an overburden stockpile at its Grasberg
mine.
As previously reported, on May 4, 2000 a slippage of the overburden waste
caused a wave of water and material to overflow from Wanagon basin. Four
employees of a contractor to PTFI working in the area are unaccounted for
and presumed to have perished.
Since the occurrence of the May 4th event, experts and international
scientists have been engaged in intensive studies on the causes of the
incident and the environmental effects of the overflow, as well as
on potential revisions to the mine operating plan to prevent its
recurrence. Pending a comprehensive review of the undergoing studies,
PTFI will not place overburden in Wanagon basin.
Based on analysis of data produced, no threat to human health and no
long-term environmental impacts have been identified as a result of the
overflow event. PTFI will compensate the local people for property
damaged by the event and will provide appropriate financial benefits for
the families of the lost workers.
PTFI has conducted its mining operations in Indonesia since 1972 under
the close supervision of Department of Mines and Energy. Its operations,
including its safety and environmental practices, have been conducted in
accordance with the provisions of its Contract of Work (COW), with its ANDAL
(environmental impact assessment) and with international standards within
the mining industry. PTFI will continue to work with the Government
authorities in a cooperative and transparent manner in the on-going
efforts to investigate the incident.
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\ C. Donald Whitmire
--------------------------------
C. Donald Whitmire
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: May 24, 2000
