Deutsche Bank Comments on Freeport-McMoRan (FCX) Following Asset Sale

Freeport-McMoran (FCX) Surges 16% on Asset Sale, Hedge Fund Stake and Short Covering

Beaten-down commodity stock Freeport-McMoran (NYSE: FCX) is seeing strong early upside Wednesday, a day after the company entered into an... More

Morenci Deal is a Significant Positive for Freeport McMoran (FCX) - UBS

UBS analyst, Matt Murphy, raised his PT on Freeport-McMoRan (NYSE: FCX) on the belief that the Street could be undervaluing FCX's assets and willingness to divest. No change to Buy rating but the PT increases to $6.50.

FCX has entered a definitive agreement to sell 13% of Morenci to Sumitomo Metal Mining Co (SMM) for $1.0B in cash (SMM and affiliates already own 15% of the asset). FCX's stake will go from 85% to 72%. Deal closure is... More

Morenci Sale For $1B Shows Freeport-McMoRan (FCX) Aggressiveness in Paying Down Debt - FBR

FBR analyst, Lucas Pipes, sees Freeport-McMoRan's (NYSE: FCX) Morenci Sale as a positive surprise and believes this indicates management's willingness to divest tier 1 assets to pay down debt.

Freeport McMoRan announced an agreement to sell a 13% interest in the Morenci JV for $1B in cash; an attractive... More

Freeport-McMoran (FCX) Sells 13% Stake in Morenci Mine for $1B

Freeport-McMoRan Inc. (NYSE: FCX) announced 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.

Mr. Adkerson continued: Our Morenci partnership with... More