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Freeport-McMoRan Copper & Gold Inc. (FCX) News: Plains Exploration & Production Company (PXP)’s Approval, Strategy & More

Editor’s Note: Related tickers: Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Plains Exploration & Production Company (NYSE:PXP), Morgan Stanley (NYSE:MS)

Freeport Declares Day of Mourning After Indonesia Mine Accident (BusinessWeek)
The local unit of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) declared a day of mourning after an accident at the Grasberg complex in Indonesia killed 28, prompting the nation to order a review of all mining operations. Memorial services will be held today at its Jakarta office and site at Papua, PT Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) Indonesia said today in an e-mailed statement. Work at the world’s second-largest copper mine will remain suspended until after an investigation is concluded, the government said yesterday. …Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) Indonesia yesterday had no update on shipments from the mine, said Daisy Primayanti, vice president of corporate communications at the local unit. The company was still shipping material produced from the mine as of May 17, the local unit said last week.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)

Plains Exploration Shareholders Approve Freeport-McMoRan Deal (Malaysiasun)
Plains Exploration & Production Company (NYSE:PXP) shareholders Monday approved a $6.5 billion merger with Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), overcoming earlier pressure to reject the deal.The deal gives Phoenix-based mining company Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) sizeable assets in the booming U.S. oil and natural gas production business. But market analysts questioned whether the companies could successfully merge two disparate businesses and wondered if Plains Exploration & Production Company (NYSE:PXP) shareholders sold their stakes too cheaply.”I’m very surprised Plains Exploration & Production Company (NYSE:PXP) shareholders approved this,” said Morningsta…

Death toll rises to 28 in Indonesia mine accident (Reuters)
The death toll from a tunnel collapse at the world’s second largest copper mine run by Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)’s Indonesian unit was raised to 28 on Wednesday as rescuers gave up hope of finding any more survivors. Arizona-based Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) closed the remote Papua mine on Wednesday last week, a day after a training tunnel away from its main operations fell in on 38 workers. Ten workers were rescued, but the search for the seven still listed as missing has now turned into an attempt the retrieve their bodies.

Copper Gains on Mine Stoppage Despite China Property Worries (FoxBusiness)
The most actively traded contract, for July delivery, rose 3.7 cents, or 1.1%, to settle at $3.36 a pound on the Comex division of the New York Mercantile Exchange. The world’s third-largest open-pit copper mine, Grasberg, remained shut Monday following last week’s fatal accident that appears to have claimed 28 lives. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), which owns the Indonesian mine through a subsidiary, said 38 workers had been in a small training room below the surface last Tuesday when the roof caved in. …Analysts at Morgan Stanley (NYSE:MS) said the work halt is likely to limit Grasberg’s copper output this week in a shift that could lift global copper prices.

Freeport-McMoRan Announces Plans to Pay $1.00/Share Special Dividend (FCX) (Dividend)
Early on Monday, mining company Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) announced that it plans to pay a $1.00 per share special dividend following the close of its acquisition of Plains Exploration & Production Company (NYSE:PXP). This one-time dividend will be in addition to the company’s regular quarterly dividend payout of 31.25 cents per share. However, the special dividend will only be paid once the close of the deal is finalized. The payment of the dividend is intended to benefit current shareholders, as well as new shareholders once more Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) shares are issued following the close of the acquisition of Plains Exploration & Production Company (NYSE:PXP).

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