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

|By:, SA News Editor

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.