Freeport closes stake sale in morenci mine for $1 billion

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

METAL CHINA/DIECASTING/NONFERROUS CHINA 2025 Concluded with a Big Success

China Foundry Connecting the World With the theme of "building...

US on its Path Towards Exploring Rare Earth Elements

In April 2025, China went on to impose a...

The US Has the Option to Mine its Own Rare Earth Elements

So, every time you see your phone, open your...

MENA Copper Market: Gradual Growth and Strategic Shifts

A Cautious Climb in the Copper Arc The copper market...

Freeport-McMoRan Inc announced that it has completed its previously announced sale of a 13 percent interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co. Ltd. (SMM) for cash consideration of $1.0 billion. The transaction has an effective date of May 31, 2016.

 

The Morenci unincorporated joint venture is now owned 72 percent by FCX, 15 percent by Sumitomo Metal Mining Arizona Inc. (SMMAz is owned 80 percent by SMM and 20 percent by Sumitomo Corporation), and 13 percent by SMM Morenci Inc. that is fully owned by SMM.

 

FCX plans to use net proceeds from the transaction of approximately $1.0 billion to repay $0.5 billion in borrowings under its bank term loan with the balance to reduce amounts drawn under its revolving credit facility. FCX expects to record an approximate $0.6 billion after-tax gain on the transaction in second-quarter 2016.

 

FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets and significant oil and gas resources. FCX is the world’s largest publicly traded copper producer.

 

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the Democratic Republic of Congo; and significant U.S. oil and gas assets principally in the Deepwater Gulf of Mexico and in California.
Additional information about FCX is available on FCX’s website at www.fcx.com


Freeport-McMoRan Inc.
Financial Contacts:
Kathleen L. Quirk, 602-366-8016

or

David P. Joint, 504-582-4203
or

Media Contact:

Eric E. Kinneberg, 602-366-7994

Latest stories

Related stories

METAL CHINA/DIECASTING/NONFERROUS CHINA 2025 Concluded with a Big Success

China Foundry Connecting the World With the theme of "building...

US on its Path Towards Exploring Rare Earth Elements

In April 2025, China went on to impose a...

The US Has the Option to Mine its Own Rare Earth Elements

So, every time you see your phone, open your...

MENA Copper Market: Gradual Growth and Strategic Shifts

A Cautious Climb in the Copper Arc The copper market...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back