TORONTO Nov 23 Freeport-McMoRan Inc,
the world's largest publicly listed copper producer, said on
Wednesday it raised $1.5 billion in an equity offering,
completing its plan to reduce debt with proceeds from asset
sales and new equity.
Freeport, which has sold mining and energy assets in deals
worth $6.6 billion this year, said it can now meet its debt
reduction target of $5 billion to $10 billion. The diversified
miner had $19 billion in debt as of Sept. 30.
"We remain focused on executing our operating plans to
generate significant free cash flow and to building long-term
values for shareholders," Chief Executive Richard Adkerson said
in a statement.
The Phoenix-based company said it sold 116.5 million shares
since July 28 under the offering and now has approximately 1.44
billion common shares outstanding.
In October, Adkerson said he did not expect to sell any more
mining assets, although further deals for oil and gas properties
Last week, Freeport closed a $2.65 billion sale of its stake
in a Democratic Republic of Congo copper mine.
This year it sold onshore California oil and gas assets for
up to $742 million, deepwater Gulf of Mexico oil and natural gas
assets for $2 billion and a stake in its Morenci mine in Arizona
for $1 billion.
(Reporting by Susan Taylor; Editing by Bill Trott)