Corporate news (April 01, 2007)
Freeport, Phelps Dodge form leading copper company
The takeover of Phelps Dodge Corp. of Phoenix, Ariz., by New Orleans-based Freeport-Mcmoran Copper & Gold Inc. was completed on March 19, 2007. The combined company is now the world’s largest publicly traded copper company, expected to generate revenues of close to US$17 billion this year.
Phelps Dodge shareholders received US$88.00 in cash and 0.67 of a Freeport common share, making each Phelps Dodge share worth US$125.53. The total deal was worth approximately US$25 billion.
Last year Freeport produced 3.6 billion lb of copper, 74.0 million lb of molybdenum and 1.7 million oz of gold. Phelps Dodge turned out about 2.0 billion lb of copper, 68.8 million lb of moly and 109,000 oz of gold.
Junior miner creates U of A scholarship
A $75,000 scholarship has been established to provide financial assistance for a Tahltan Nation student to attend the University of Alberta. Calgary-based junior natural resources company Copper Fox Metals and the Tahltan Central Council, on behalf of the Tahltan Nation including the Tahltan Band and the Iskut First Nation, made the announcement in late March. “Advanced education and innovation is critical to our country’s future,” says Guillermo Salazar, president and CEO of Copper Fox Metals.
The Copper Fox Scholarship will be awarded to a full-time U of A student pursuing studies leading to an undergraduate degree. Each student will receive a one-time $75,000 award disbursed over five years, based on achieving proscribed performance criteria. The scholarship criteria are based on academic performance, career goals, a brief biography, role model qualities, and volunteer and leadership contributions.
Copper Fox is working toward the economic development of the world-class Schaft Creek copper-gold-molybdenum mineral deposit in northwest British Columbia. The company holds an option agreement with Teck Cominco Ltd. to acquire up to 93.4% direct and indirect interest in the property.