Freeport files shelf registration

A shelf registration statement filed with the U.S. Securities and Exchange Commission could allow Freeport-McMoRan Copper & Gold (FCX-N) to sell up to US$500 million in stock or debt securities.

Freeport has no immediate plans to issue any securities, though the company recently re-purchased 3.5 million of its Class A and B shares.

Purchased at an average price of US$17.17 per share, the shares are valued at US$60.6 million. Freeport is authorized to buy another 5.5 million shares.

Since 1995, the company has bought 54.5 million Class A and B shares, totalling US$1.1 billion at US$20.10 per share, representing a 25% reduction in the outstanding shares.

At Feb. 29, Freeport had 62.3 million outstanding Class A shares and 97.7 million Class B shares.

The company’s primary asset is an 85% interest in the giant Grasberg copper-gold mine in Irian Jaya, Indonesia.

El Misti Gold (EMG-V) has changed its name to Andean American Mining (AAG-V) on a 1-new-for-20-old-share basis.