This time it’s in China.
They’re selling a major copper mine asset in the jungles of Congo, hanging out with King Kong, all for the sake of deleveraging.
Freeport-McMoRan Inc. agreed to sell a copper mine in the Democratic Republic of Congo to China Molybdenum Co. for $2.65 billion as the struggling miner seeks to cut debt.
China Molybdenum will buy Freeport’s stake in TF Holdings Ltd., which holds an 80 percent interest in the Tenke Fungurume copper mine in Congo, Freeport said in statement Monday. Freeport may receive a further $120 million based on copper and cobalt prices.
“This transaction is another significant step to strengthen our balance sheet and enhance value for shareholders,” Adkerson said in the statement. “We are committed to our immediate objective of reducing debt while retaining a large portfolio of high-quality assets and resources and a leading position in the global copper industry.
At this pace, the company will be left with a loose bag of peanuts and a few shells left to operate. With the share price above $11, perhaps they should just do a fucking secondary in order to avoid selling out the company at less than optimal prices now?
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