VANCOUVER (miningweekly.com) – The world’s largest publicly traded copper producer Freeport-McMoRan (FCX) has redeemed five series of senior notes with a total value of $543-million.
The Phoenix, Arizona-headquartered company advised that it had issued notices to redeem on September 18, with two series of FCX senior notes and three series of FCX Oil & Gas (FMOG) senior notes currently outstanding.
The total redemption cost for the notes is $555-million, and the multinational expects the move to save it $35-million a year in interest cost savings.
At June 30, FCX had $15.4-billion in total debt and consolidated cash of $4.7-billion. Following these note redemptions, FCX’s total debt would be about $14.8-billion.
FCX’s portfolio of assets includes the Grasberg minerals district, in Indonesia, one of the world’s largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district, in North America; and the Cerro Verde operation, in South America.