Jefferies Reiterates Buy on Freeport-McMoran (FCX) Following Sales of Tenke Fungurume Stake
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Jefferies reiterated a Buy rating and $16.00 price target on Freeport-McMoRan (NYSE: FCX) following the company's announced sale of its 56% stake in the Tenke Fungurume copper mine. The sale was completed for $2.65bn to China Molybdenum. Under the terms of the Tenke sale agreement, Freeport could also receive contingent consideration of up to $120mn in cash.
Analyst Christopher LaFemina commented, "Freeport announced after the market close that it has completed the sale of its 56% stake in the Tenke Fungurume copper mine in the DRC to China Molybdenum for $2.65bn. An additional $120mn in contingent consideration could also be due to FCX if certain commodity price conditions are met during 2018 and 2019. Proceeds from this sale will be used to pay down debt. We reiterate our Buy rating on FCX."
Shares of Freeport-McMoRan closed at $13.80 yesterday.
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