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A tad late…

It’s always amusing when a company decides to disclose something long after the fact and then makes investors really dig into the filings for the details. It sends a special message to shareholders. Take mining company Freeport McMoran (FCX), which disclosed in the Q it filed two weeks ago, extensions of consulting contracts with two directors and one former director, who still holds the title of advisory director. Two of those extensions date back to October 2003, the third was signed in January 2004. All of these extensions expire at the end of December, which makes it particularly odd that the company is including them in its current Q, which was filed on Nov. 3. Not to mention the fact that in order to figure out what the company is paying these consultants, you have to find the original contracts, which are buried in Ks filed years earlier. For example, former director Gabrielle McDonald’s contract — first signed in 1999 — is worth $250K a year. Current director B.M. Rankin has been making $14,000 a quarter under his contract since 1991 and director Bennett Johnston Jr’s contract, first signed in 1997, pays him $150,000.