| Freeport-McMoRan shares drop as it announces 2nd stock sale | |
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NEW YORK (AP) -- Freeport-McMoRan said that it may sell another $1 billion of its own shares after the copper producer completed a similar stock sale on Friday.
Shares of Freeport-McMoRan Inc. fell $1.20, or 10 percent, to $10.85 in afternoon trading Friday. News of a stock sale often weighs on company shares because it makes existing investors' stakes less valuable.
Freeport-McMoRan said it will use the money raised from the additional stock sale for general corporate uses, like paying off debt. The Phoenix company said it completed its previously announced sale of 96.7 million shares on Friday, raising $1 billion.
Due to weak copper prices and soft economic conditions, Freeport-McMoRan Inc. said in August it would cut 10 percent of workers at U.S. mining operations to save money.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 72.1 billions as of today (€ 63.2 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 17, 2024 at US$ 49.82. Freeport McMoran has 1 448 000 000 shares outstanding. |