Freeport-McMoRan Inc. (NYSE: FCX) revealed that it completed its previously announced sale of a 13 percent stake in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co. Ltd. (SMM) for cash consideration of $1.0 billion. According to the company, the transaction has an effective date of May 31.
Freeport-McMoRan said the Morenci unincorporated joint venture was now owned 72 percent by it, 15 percent by Sumitomo Metal Mining Arizona Inc. (SMMAz is owned 80 percent by SMM and 20 percent by Sumitomo Corporation), and 13 percent by SMM Morenci Inc., which is fully owned by SMM.
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The company said it intends to use net proceeds from the transaction of approximately $1.0 billion to repay $0.5 billion in borrowings under its bank term loan. The remaining amount would be used to cut down amounts drawn under its revolving credit facility. The company expects to record about $0.6 billion after-tax gain on the transaction in its second-quarter of the current year.
FCX's portfolio of assets included the Grasberg minerals district in Indonesia, one of the world's biggest copper and gold deposits; significant mining operations in the Americas. This included the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the Democratic Republic of Congo; and significant U.S. oil and gas assets principally in the Deepwater Gulf of Mexico and in California.
Shares of the company traded 1.35 percent higher on Tuesday.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.