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Freeport sells down Morenci

Freeport McMoRan has started to make good on its plan to free up cash with asset sales, agreeing to sell a 13% interest in the Morenci copper mine to its partner Sumitomo Metal Mining.

Freeport sells down Morenci Freeport sells down Morenci Freeport sells down Morenci Freeport sells down Morenci Freeport sells down Morenci

Morenci has a plus-400,000 tonne per annum of copper capacity (photo: TJ Blackwell)

The US$1 billion cash deal, which values the whole operation at $7.7 billion, will see Freeport cut its stake in Morenci from 85% to 72%, with Sumitomo now holding the remaining 28%.