Freeport-McMoRan Completes $1.5 Billion At-the-Market Equity Offering
November 23 2016 - 8:00AM
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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version on businesswire.com: http://www.businesswire.com/news/home/20161123005309/en/
Freeport-McMoRan Inc.Financial
Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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