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The mining company

Freeport-McMoRan Copper & Gold

(FCX) - Get Freeport-McMoRan Inc. Report

said Monday that it had completed the tender offer for its 7% senior convertible notes due 2011.

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In this transaction, the company will convert about 98% of the remaining $293.2 million to 9.3 million shares of FCX common stock. FCX will pay $25.7 million in cash to the holders for the premium of $90 a note plus $600,000 in accrued interest.

The transaction is expected to be settled on Sept. 12.

FCX expeced to record about $28 million charge to its third-quarter net income in connection with the conversions. As previously reported, FCX also expected to record about $7 million charge to net income in the third quarter for the final redemption of its silver-denominated preferred stock.

The shares were trading at $55.28, down $3.06, or 5.25% Monday.

This story was created through a joint venture between and IRIS.