Freeport-McMoRan repays $8.4 billion in term loan debt since March

By Sara Rosenberg

New York, Oct. 24 - Freeport-McMoRan Copper & Gold Inc. has repaid $8.4 billion of its $10 billion term loan since March 19, according to a company news release.

In addition, based on the assumption that cash flows during 2007 will be significantly greater than capital expenditures, minority interests distributions, dividends and other cash requirements and that this extra cash would be used for debt reduction, the company's term loan would be substantially repaid by year-end.

Freeport-McMoRan is a Phoenix, Ariz.-based mining company.

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