Freeport's exploration costs

Freeport's exploration costs

NEW ORLEANS (Reuters): Freeport-McMoRan Copper & Gold Inc. [FCX.N] said Tuesday its share of second-quarter exploration expenses was $4.9 million, spent primarily in P.T. Freeport Indonesia Co.'s and P.T. IRJA Eastern Minerals Corp.'s exploration areas.

Costs in these areas are shared 60 percent by Freeport Copper and 40 percent by Rio Tinto Plc, Freeport pointed out. About $6.4 million of cash previously received by PT-FI from Rio Tinto in 1996 remains to be applied to PT-FI's share of exploration costs in its Block A area.

As part of its previously announced open market share purchase programs, Freeport Copper said, the company purchased 1.1 million common shares during the second quarter for $17.4 million, about $16 per share. As of July 20, it added, about 5.4 million shares remain under its 40 million open market share purchase programs.