Article: FREEPORT-McMoRan SULPHUR UNIT OF McMoRan EXPLORATION AND SAVAGE INDUSTRIES INC. ENTER INTO A LETTER OF INTENT TO FORM JOINT VENTURE FOR MARKETING AND TRANSPORTATION OF SULPHUR.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--Feb. 26, 2001

McMoRan Exploration Co. (NYSE: MMR) and Savage Industries Inc. (Savage) announced today that they entered into a letter of intent to form a joint venture to own and operate the sulphur business of Freeport-McMoRan Sulphur LLC (FSC). FSC would contribute the assets currently used in its sulphur transportation, marketing and terminaling business to the new joint venture. The joint venture would operate the largest sulphur transportation and storage system in the United States and would continue to serve both producers and consumers of sulphur. It is expected that the joint venture would enter ...

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