Monday, February 8, 2010

Freeport-McMoRan (NYSE:FCX) Settles with Blackwell

Freeport-McMoRan (NYSE:FCX)

City officials from Blackwell have accepted a settlement offer of $54 million from mining company Freeport-McMoRan (NYSE:FCX) for allegedly polluting the groundwater and soil around and in the city.

Sued by the city in Oklahoma was Freeport-McMoRan Cooper & Gold Inc., a subsidiary of Freeport-McMoRan.

The lawsuit stated the area had been contaminated with raw material such as lead, zinc, cadmium and arsenic as a consequence of the company mining the area from 1916 to 1974.

In accordance with Oklahoma Department of Environmental Quality requirements, Freeport-McMoRan will remediate the soil and groundwater affected by their operations.

Freeport-McMoRan (NYSE:FCX)

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