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last update: Aug 10, 2010
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Freeport McMoRan - United States
dodgy because: involvement in controversial mining projects
basics
business
bank role
image
key facts
headquarters
One North Central Ave.
85004 Phoenix
United States
turn over / profit
$ 15.04 billion turn over (2009)
key regions of operation
Worldwide
brand names
PT Freeport Indonesia, Freeport-McMoRan Corporation (formerly Phelps Dodge) and Atlantic Copper
CEO / chair
Richard C Adkerson
CEO
number of employees
29,300 (2009)
key sectors / activities
Copper
gold
mining
Molybdenum
ownership

Public Shareholders

about Freeport McMoRan

Freeport McMoRan is an international mining company with headquarters in Phoenix, Arizona. Freeport McMoran operates primarily in copper-, gold- and molybdenum mines.

Freeport McMoran runs the Grasberg mine located in Papua, on the island New Guinea, just north of Australia. The Grasberg mine is the biggest goldmine and the third biggest coppermine in the world. The Grasberg mine is also notorious for issues such as pollution, human rights violations and corruption.

Claims of severe environmental damages caused by the company's engagements in the Grasberg mine in Indonesia has led The Government Pension Fund of Norway, the world's second largest pension fund, to exclude Freeport-McMoRan from it's investment portfolia, after a recommendation from the fund's ethical council.

dodgy deals
financial institutions involved
banks
BNP Paribas - profile
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
Citigroup - profile
  • corporate loan: $ 26 million (July 2006)
    Participation in $ 465 million credit facility, by international banking syndicate led by JPMorgan Chase
Crédit Agricole CIB
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
Deutsche Bank - profile
  • corporate loan: $ 26 million (July 2006)
    Participation in $ 465 million credit facility, by international banking syndicate led by JPMorgan Chase
HSBC Group - profile
  • corporate loan: $ 26 million (July 2006)
    Participation in $ 465 million credit facility, by international banking syndicate led by JPMorgan Chase
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • shares issue: $ 43 million (March 2007)
    Participation in $ 5.76 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
  • bonds issue: $ 130 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
HypoVereinsbank
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
ING Group - profile
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
Royal Bank of Scotland - profile
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Through Greenwich Capital Markets: Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.
Santander - profile
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
Société Générale - profile
  • corporate loan: $ 26 million (July 2006)
    Participation in $ 465 million credit facility, by international banking syndicate led by JPMorgan Chase
  • corporate loan: $ 45 million (March 2007)
    Participation in $ 1.5 billion credit facility, by international banking syndicate led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • corporate loan: $ 303 million (March 2007)
    Participation in $ 10 billion syndicated loan led by JPMorgan Chase and Merrill Lynch. Used partly for acquisition of other mining group (Phelps Dodge).
  • bonds issue: $ 65 million (March 2007)
    Participation in $ 6 billion issuing syndicate led by JPMorgan Chase and Merrill Lynch.