WSJ: Freeport McMoran seeks to sell Candelaria copper mine in Chile


Freeport McMoRan (FCX +1.9%) is looking to sell its Candelaria copper mine in Chile, an asset sale that could raise several billion dollars, WSJ reports.

The mine is said to have attracted interest from Magris Resources, a mining investment firm headed by former Barrick Gold CEO Aaron Regent.

Candelaria is one of FCX's biggest mines, last year producing 370M lbs. of copper - up from 270M lbs. in 2012 - and 87K oz. of gold, and completing a $315M desalination plant and pipeline that will supply Candelaria's desert location with water.

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Comments (6)
  • Just Some Guy
    , contributor
    Comments (2369) | Send Message
     
    Is this FCX calling a top?
    3 Jul 2014, 02:12 PM Reply Like
  • BAHAMAS1
    , contributor
    Comments (5092) | Send Message
     
    This is FCX Breaking Out to new highs !
    3 Jul 2014, 06:16 PM Reply Like
  • aretailguy
    , contributor
    Comments (1910) | Send Message
     
    This is FCX breaking out to new highs and morphing from a copper/gold company into a Gulf of Mexico oil producer. This sale and the recent Eagleford sale are all steps in this one direction.
    5 Jul 2014, 04:04 PM Reply Like
  • eremite
    , contributor
    Comments (196) | Send Message
     
    Well they say 0il is black gold, at least according to Jed Clampet. But which would you rather have in your hand? If this mine has been so productive why sell? Didn't they just borrow a ton of money for the oil side of the business? I guess they know what they're doing. Oil is rising but I'm sure gold will follow. Long FCX
    7 Jul 2014, 11:36 AM Reply Like
  • andy bbob
    , contributor
    Comment (1) | Send Message
     
    In acquiring Plains Exploration and McMoran for $20Bil, FCX re-entered the energy business ( but used considerable debt for the acquisitions). FCX is committed to reduce net debt from $18.9Bil (3/31/2014) to $12Bil by YE 2016. The Eagle Ford / APA GoM deals contributes $1.3Bil towards this. Management has stated that all FCX assets will be considered as possible divestitures and they are looking for a better balance between copper and oil/gas. This potential sale potentially achieves both objectives.
    7 Jul 2014, 02:00 PM Reply Like
  • Ronald McDonald
    , contributor
    Comments (56) | Send Message
     
    Margris run the guy that put abx 15B in the hole.
    7 Jul 2014, 09:39 PM Reply Like
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