TORONTO, Nov 23 (Reuters) - 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 were possible.
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)