PHOENIX--(BUSINESS WIRE)--
Freeport-McMoRan Inc. (NYSE: FCX) announced today the completion of its
at-the-market offering of common stock announced on July 27, 2016. FCX
raised $1.5 billion in gross proceeds through the sale of 116.5 million
shares of FCX common stock in open market transactions since July 28,
2016. The shares were issued pursuant to FCX’s shelf registration
statement.
Richard C. Adkerson, President and Chief Executive Officer, said, “The
completion of this offering, together with $6.6 billion in previously
announced asset sale transactions, enables us to restore our balance
sheet strength and achieve our stated debt reduction targets. This
important milestone represents the successful completion of our plan to
generate proceeds for debt repayment through asset sales and the
issuance of equity. Our plan was executed in a manner to enable us to
retain our industry leading portfolio of high quality, long-lived copper
assets. We remain focused on executing our operating plans to generate
significant free cash flow and to building long-term values for
shareholders.”
After giving effect to this offering, FCX will have approximately 1.44
billion shares of common stock outstanding.
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, and
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America. Additional information about FCX is available on FCX's
website at "fcx.com."
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Source: Freeport-McMoRan Inc.