Phoenix-based mining company Freeport-McMoRan Inc. (FCX) said last week it has completed its at-the-market offering of common stock that was announced on July 27, raising $1.5 billion in gross proceeds during the sale of 116.5 million shares of FCX common stock.
“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," Richard Adkerson, FCX president and CEO, said. "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.”
FCX is the world's largest publicly traded copper producer. Its portfolio of assets includes the Grasberg minerals district in Indonesia and significant mining operations in the Americas.