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Freeport-McMoRan Copper & Gold Inc.

6/18/2013, 7:45 PM ET

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Tuesday, June 18, 12:35 PM Indonesia likely will allow Freeport McMoran (FCX -0.6%) to resume open-pit mining at the Grasberg mine later this week, the country's resources minister says, five weeks after a fatal accident nearby shut multiple mining operations and forced FCX to cancel shipments of concentrate. Grasberg accounts for more than half of FCX's production. 2 Comments [Commodities]
Friday, June 14, 8:50 AM Workers at Freeport McMoRan's (FCX) massive mining operations in eastern Indonesia call off a threatened strike after the company suspended five managers in the wake of last month's deadly accident, but the miner's production operations remain halted. FCX says the halt is causing a production loss of 3M lbs. of copper and 3K oz. gold per day. 3 Comments [Commodities]
Thursday, June 13, 9:50 AM Trade union workers at the Freeport McMoRan's (FCX -0.3%) Grasberg mine in Indonesia threaten to stop work indefinitely beginning tomorrow if the company fails to suspend those suspected of being at fault for last month's deadly tunnel collapse. The independent panel probing the accident says it has completed its investigation and may submit a report to the government as early as this weekend. Comment! [Commodities]
Wednesday, June 12, 11:18 AM Copper futures rise (JJC) after Freeport McMoRan (FCX +1.8%) declared force majeure at Indonesia's Grasberg mine, underscoring the potential for tighter supplies this year. Still, gains are muted as traders anticipate new copper supply to come on line as the massive Oyu Tolgoi mine in Mongolia ramps up output to commercial levels. Comment! [Commodities]
Wednesday, June 12, 8:53 AM Freeport McMoRan (FCX) declares force majeure to free itself from obligations to deliver copper concentrate from its Grasberg operations in Indonesia, where work has been suspended since May 15 due to an accident. FCX estimates the impact of the production halt so far is 80M lbs. of copper and 80K oz. of gold. Shares -2.3% premarket. 3 Comments [Commodities, On the Move]
Friday, June 7, 8:24 AM A government investigation into the tunnel collapse that killed 28 people at Freeport McMoRan's (FCX) copper mine in Indonesia should take less than three months to complete, according to the head of the probe, meaning production could resume sooner than expected at the Grasberg complex in west Papua, the world's no. 2 copper mine where operations were shut May 15. Comment! [Commodities]
Thursday, June 6, 3:59 PM Freeport McMoRan (FCX +2.3%) Vice Chairman James Flores sees better times ahead after FCX's purchase of Plains Exploration; this week he bought an impressive 1.1M shares (~$34.2M). But Jefferies analyst Peter Ward, even as he reiterates a Buy rating and $40 target price on FCX, slams the sale as offering "no operational synergies." 3 Comments [Commodities, On the Move]
Tuesday, June 4, 2:28 PM Copper rallies (JJC +1%) on expectations of tighter supplies, as the potential rises for an extended shutdown at Freeport McMoRan's (FCX -2.5%) Grasberg copper and gold mining operation in Indonesia. If FCX were to declare force majeure, the shutdown could remove 100K-150K metric tons of copper supply from the market, a sizable chunk out of estimates of 600K-800K metric tons. Comment! [Commodities, On the Move]
Monday, June 3, 3:10 PM In a foregone conclusion, Freeport McMoRan (FCX +1%) completes the final step of its three-way combination with Plains Exploration and McMoRan Exploration (MMR +0.6%), as MMR shareholders vote to approve the $2.2B part of the deal between the two companies. 4 Comments [Commodities, Energy, M&A]
Monday, June 3, 9:11 AM The Indonesian unit of Freeport McMoran (FCX) must suspend gold and copper mining activities in the eastern part of the country, probably for up to two months, while the government investigates last month's fatal tunnel collapse, government officials say. The union representing 18K of FCX's 24K Indonesian workers reiterates that union workers will refuse to work until investigation results are released. 2 Comments [Commodities]
Friday, May 31, 11:01 AM Freeport-McMoRan Copper (FCX)declares $0.3125/share quarterly dividend, in line with previous Forward yield 3.96%. For shareholders of record June 14. Payable July 1. Ex-div date June 12. The board approved supplemental dividend of $1.00/share in addition. (PR) 6 Comments [Dividends]
Thursday, May 30, 3:42 PM Leaders of Indonesia's miners union say they will call on workers not to return to Freeport McMoRan's (FCX +2.3%) Grasberg complex until an investigation behind the tunnel collapse that killed 28 people is completed. The news means copper production could be sidelined for several more weeks, increasing pressure on an already tight market. Comment! [Commodities, On the Move]
Tuesday, May 28, 8:28 AM The Indonesian government allows Freeport McMoRan (FCX) to re-start most production at its Papua copper mine in the Grasberg complex, two weeks after a tunnel collapse killed 28 people. FCX can resume open-pit mining but remains prohibited from underground production. Open-pit mining at Grasberg normally produces ~140K/day metric tons of copper ore; underground output is ~80K/day. FCX +1.5% premarket. Comment! [Commodities, On the Move]
Wednesday, May 22, 9:06 AM Freeport Indonesia (FCX) remains uncertain when it will restart operations following last week's mining accident, news that has helped push copper prices up 2% in global markets. FCX says it is losing production of ~220K metric tons/day of concentrated ore since the tunnel collapse that killed 28 people. 1 Comment [Commodities]
Tuesday, May 21, 3:47 PM Freeport McMoRan's (FCX -2.8%) Indonesian mine could face a prolonged closure and scrutiny over its underground mining plans, as the death toll from the collapsed tunnel at the Grasberg complex reaches 28, analysts and mining sources say. The bigger strategic question concerns whether FCX engineers fully understand ground conditions or rock mechanics of the area. Comment! [Commodities, On the Move]
Monday, May 20, 2:16 PM Plains Exploration (PXP +7.5%) shareholders vote to approve Freeport McMoRan’s (FCX -0.2%) acquisition of PXP at today's special meeting. The transaction is expected to close on May 31. Following completion of the transaction, there are expected to be ~1B shares of FCX outstanding. Earlier today, PXP declared a $3/share special dividend conditioned upon the completed merger. Comment! [Energy, Commodities, On the Move]

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