Freeport McMoran Inc – ‘8-K’ for 9/4/97

As of:  Thursday, 9/4/97   ·   For:  9/4/97   ·   Accession #:  351116-97-6   ·   File #:  1-08124

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         2±     9K 

Document Table of Contents

    SECURITIES AND EXCHANGE COMMISSION

     Washington, D.C.  20549

    FORM 8-K

    CURRENT REPORT

    Pursuant to Section 13 or 15(d) of the

     Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 4, 1997    

     Freeport-McMoRan Inc.

Delaware                  1-8124                 13-3051048       

(State or other             (Commission              (IRS Employer          
jurisdiction of             File Number)             Identification       
incorporation or                                     Number)              
organization)                                                             

     1615 Poydras Street
     New Orleans, Louisiana  70112

Registrant's telephone number, including area code:  (504) 582-4000         

Item 5.  Other Events.                                      

      New Orleans,  LA.,  September  4, 1997  --  Freeport-McMoRan  Inc.
      (NYSE:FTX) announced today  that it has  called for redemption  on
      October 3,  1997  all of  the  outstanding  shares of  its  $4.375
     Convertible Exchangeable Preferred  Stock (the Preferred  Stock).
      FTX will pay $52.1875 per  share of Preferred Stock,  plus $0.3846
      per share representing the amount of accrued  and unpaid dividends
      to the redemption date, for a total payment of  $52.5721 per share
of Preferred Stock.                                         

           As an  alternative to  redemption and  at the  option of  the
      holder, the Preferred  Stock is convertible  until 5:00 p.m.  (New
      York time) on October 3, 1997 into shares of FTX common stock at a
      conversion rate  equal  to approximately  1.827485  shares of  FTX
      common stock  per  share  of Preferred  Stock.    In lieu  of  any
      fractional share issuance,  an equivalent amount  will be paid  in
cash by FTX.                                                

           As long as the market price of FTX common stock remains above
      $28.77 per share, holders of the Preferred Stock will receive more
      value upon conversion  of the Preferred  Stock into shares  of FTX
     common stock than they  would otherwise receive upon  redemption.
      On September 3,  1997 the  closing price  of FTX  common stock  as
      reported on the New York Stock Exchange Composite Tape was $35.625
      per share.  If all of the outstanding Preferred Stock is converted
      into FTX  common  shares an  additional  1.83 million  FTX  common
      shares will be issued.  FTX common shares outstanding  on June 30,
1997 totaled approximately 23.34 million shares.            

           Freeport-McMoRan Inc.  owns  a  51.6% interest  in  Freeport-
      McMoRan Resource Partners, which is engaged in  the production and
      sale of phosphate fertilizer  and animal feed ingredients  as well
      as the  mining  and  sale  of phosphate  rock  through  IMC-Agrico
      Company, the mining,  transporting, terminalling and  marketing of
      sulphur, and the  exploration, development  and production of  oil
and gas reserves.                                           

     SIGNATURE

               Pursuant to the requirements of the Securities Exchange
     Act of 1934,  the registrant has  duly caused this  report to  be
     signed  on  its  behalf   by  the  undersigned,  thereunto   duly
authorized.                                                 

                     Freeport-McMoRan Inc.

                            By:   /s/ C. Donald Whitmire
                                        ------------------------------
                                      C. Donald Whitmire
                                    Controller - Financial Reporting
                                     (authorized signatory and
                                       Principal Accounting Officer)

Date:  September  4, 1997                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing		Date		Other Filings
		10/3/97
Filed on / For Period End:		9/4/97
		9/3/97		8-K
		6/30/97		10-Q
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