Deutsche Bank Comments on Freeport-McMoRan (FCX) Following Asset Sale
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Freeport-McMoRan Announces Agreement to Sell a 13% Interest in Morenci Mine for $1.0 Billion in Cash
February 15, 2016 1:00 AM ESTPHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has entered into a definitive agreement to sell a 13 percent ownership interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co., Ltd. (SMM) for $1.0 billion in cash.
Richard C. Adkerson, FCXs President and Chief Executive Officer, said: We are pleased to expand our partnership at Morenci with Sumitomo. This transaction represents an important initial step toward our objective to accelerate debt reduction and restore our balance sheet, while retaining a portfolio of high quality assets and resources.
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