Freeport-McMoRan closes California asset sale for $592M

|About: Freeport-McMoRan Inc. (FCX)|By:, SA News Editor

Freeport-McMoRan (FCX -2.2%) says it's wrapped a sale of its onshore California properties for $592M.

The cash deal closes the transfer of the properties to Sentinel Peak Resources California, and brings Freeport's total asset sale transactions in 2016 to $6.6B.

Freeport maintains the right to get additional proceeds of $50M per year for each of 2018, 2019 and 2020 if the Brent crude price averages $70/barrel or more in the year in question (it's at $56.75 today).

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