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 Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
