Freeport-McMoRan Copper & Gold relocates headquarters to Phoenix to

New Orleans CityBusiness, Nov 20, 2006 by CityBusiness Staff Report

Freeport-McMoRan Copper & Gold Inc.'s is relocating its headquarters to Phoenix to be closer to employees of Phelps Dodge Corp. a mining company that merged on Sunday with Freeport to spawn the world's largest publically traded copper company.

Thousands of Phelps Dodge employees already live in and around the Phoenix area where a new mine is being built, said Freeport spokesman William Collier.

Of the roughly 300 New Orleans employees working for Freeport- McMoran, only a few are involved in its mining operation. Those employees, along with senior management officials such as CEO Richard Adkerson, will move to Pheonix.

The merger is still subject to shareholders and regulators. But Adkerson expects approval by the end of the first quarter of 2007.

"This gives us good, future growth opportunities," Adkerson said. In spite of the acquisition price, he believes the move will pay dividends for shareholders.

The merged companies will operate under the Freeport-McMoRan Copper & Gold banner though businesses operating as Phelps Dodge will continue to do so.

The move will result in the city losing its one of its two Fortune 500 companies, leaving just Entergy New Orleans behind.