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Freeport-McMoRan sells Morenci copper mine stake to Sumitomo

Feb 17, 2016 - The Deal Pipeline
Mergers and Acquisitions

Freeport-McMoRan Inc. (FCX) agreed to sell a 13% stake in the Morenci copper mine in Arizona to its partner in the venture, Sumitomo Metal Mining Co.

Ltd. for $1 billion, raising cash to pay down debt days after its credit rating was cut two notches. Freeport-McMoRan, of Phoenix, Ariz.,  will reduce its stake in the Morenci joint venture to 72%, while subsidiaries of Sumitomo will boost their holding to 28%. "This transaction represents an important initial step toward our objective to...