https://www.miningweekly.com

Freeport completes $1bn sale of 13% interest in Arizona mine

1st June 2016

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – US-based natural resources company Freeport McMoRan has completed the sale of a 13% interest in the Morenci joint venture (JV) to Sumitomo Metal Mining Company (SMM) for $1-billion in cash.

Freeport now held a 72% interest in the Morenci JV, which operates the Morenci openpit copper mining complex in Arizona.

SMM’s 80%-owned subsidiary Sumitomo Metal Mining Arizona held a 15% stake in the JV and another wholly-owned SMM subsidiary SMM Morenci 13%.

The proceeds would be used to repay $500-million in borrowings under Freeport’s bank term loan, with the balance to be used to reduce amounts drawn under the company’s revolving credit facility.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Iritron
Iritron

Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.047 0.072s - 128pq - 2rq
Subscribe Now