Freeport-McMoRan Grants CEO Stock Units, Ending Current Employment Agreement

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Freeport-McMoRan Copper & Gold Inc has made the decision to “grant Chief Executive Richard Adkerson restricted stock units representing 1 million shares of the company, while terminating his current employment agreement, including salary, bonus and other rights,” reports Reuters.

“Adkerson will continue in his current role as president and CEO, the company said on Monday.”

“Adkerson’s grant is worth about $36 million, based on Freeport’s Friday close of $35.69.”

The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.2 percent increase. Last week, the price of US copper producer grade 122 increased by a slight 0.2 percent. The price of US copper producer grade 110 shifted up 0.2 percent to close. The price of US copper producer grade 102 rose 0.2 percent over the past week. Korean copper strip remained essentially flat from the previous week.

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Chinese copper prices were mixed for the week. Following a 0.8 percent increase in the week prior, the price of Chinese copper bar fell 0.2 percent last week to CNY 52,050 ($8,573) per metric ton. The Chinese copper cash price fell 0.2 percent to CNY 52,250 ($8,606) per metric ton after rising 0.8 percent the week before. Following a steady week, prices for Chinese copper wire closed flat. The price of Chinese bright copper scrap did not change since the previous week.

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Following a 2.1 percent increase in the week prior, the primary copper cash price fell 0.2 percent on the LME last week to $7,218 per metric ton. This past week, the copper 3-month price kept quiet, holding at on the LME at $7,217 per metric ton.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.