Freeport-McMoRan Completes Sale of Onshore California Properties
December 30 2016 - 4:05PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
completed the previously announced sale of its onshore California
properties to Sentinel Peak Resources California LLC for $592
million in cash, before closing adjustments.
Under the terms of the agreement, FCX has the right to receive
additional proceeds of $50 million per annum in each of 2018, 2019
and 2020 if the price of Brent crude oil averages $70 per barrel or
higher in that calendar year.
During 2016, FCX completed $6.6 billion in asset sale
transactions and retains an industry leading portfolio of high
quality, long-lived copper assets.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX is the world's largest publicly
traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde operation in South America.
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version on businesswire.com: http://www.businesswire.com/news/home/20161230005284/en/
Freeport-McMoRan Inc.Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contact:Eric E.
Kinneberg, 602-366-7994
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