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Report: China's Citic Metal Among Parties Interested In Acquiring Freeport-McMoRan's Mining Operations Minority Stake

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Report: China's Citic Metal Among Parties Interested In Acquiring Freeport-McMoRan's Mining Operations Minority Stake

Freeport-McMoRan Inc (NYSE: FCX) is holding talks with potential buyers for a minority stake in its North and South American operations as part of a strategy to shed assets to lower its debt load, according to Bloomberg.

Bloomberg reported Thursday evening that Freeport-McMoRan has received interest from several parties to acquire a 20 percent stake in its mining operations, which could sell for around $2 billion. Interested parties include China-based Citic Metal Co, several wealth funds and a Canadian pension fund.

Related Link: Jim Cramer Says 'No One Cares' About Freeport-McMoRan's Asset Sale To Pay Down Debt

Freeport McMoRan has been active in shedding assets as of late. The company most recently sold its Tenke Fungurume mine to China Molybdenum Co. for $2.65 billion. In February, the company sold a $1 billion stake in its Morenci mine in Arizona.

Shares of Freeport-McMoRan were trading lower by around 2 percent Friday morning.

Posted-In: China Molybdenum Co.News Rumors Commodities Asset Sales Markets Movers Trading Ideas Best of Benzinga

 

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