Freeport-McMoRan pays $1 million for 1,025 5.5% convertible preferreds

By Devika Patel

Knoxville, Tenn., Sept. 22 - Freeport-McMoRan Copper & Gold Inc. said it redeemed 1,025 of its 5.5% convertible perpetual preferred shares on Sept. 21 for approximately $1 million cash.

The remaining 830,529 preferreds were converted into 17.9 million common shares by the investors prior to the redemption.

These conversions and redemptions will result in preferred dividend savings of approximately $46 million per year.

The mining company has headquarters in Phoenix.

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