News back in May'14: Freeport to invest $5B in Serbia Remember this Balkans news back a few months ago that US company Freeport McMoRan may invest $5B for a new copper and gold mine in Serbia.
https://www.serbiaineurope.com/us-company-freeport-mcmoran-may-invest-5b-new-copper-gold-mine/
Soon after the purchase of oil assets in 2013, Freeport-McMoRan Copper &Gold announced that it plans to reduce its indebtedness of $19.7 to $12 billion by year-end 2016. Reference Motley Fool article dated July 8,2014.
So far FCX had sold Eagle Ford Shale assets net $3.1 b completed June'14, acquisition of interests in Deepwater Gulf of Mexico from Apache end of June'14 for $1.4b. In October,
the Candelaria/Ojos de Saldo mine in Chile was sold and netted $1.5b. Now, FCX is talking to
American Engergy Partners and other potential buyers to sell its operation in California for $5b.
FCX has so far sold $3.1b +$1.5b +$5b (announced but not completed) giving a total of $9.6b and spent $1.4b. If and when the sale of FCX operation in California is sold, they will have $8.2b. Lets assume this probably happen in 2015; then FCX is still way ahead of schedule for their debt reduction target to $12b by year end of 2016.
It is obvious that FCX is raising cash; but I cannot help but think that they may have plan for some of these proceeds. Any thoughts on this??