- Freeport McMoRan (FCX -1.2%) CEO Richard Adkerson tells the Financial Times that he expects to stay with the company and complete a plan to cut its big debt load, and says FCX is now better positioned for an eventual recovery in copper prices after a series of asset sales.
- FCX's target is for net debt below $10B by the end of next year, and Adkerson says that “while we have a lot of work... we feel we proved our mettle this year."
- Even so, analysts say FCX's completion of at least one of two recent asset sales involving Anadarko Petroleum (NYSE:APC) and China Molybdenum before year-end 2016 is crucial to avoiding problems with credit lines.
- “Freeport must close $3B of asset sales by December 31 in order to avoid tripping a... covenant," Morgan Stanley (NYSE:MS) says. “While we think there is a strong possibility Tenke slips into 2017, we expect Gulf of Mexico to close despite bondholder litigation.”
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Freeport McMoRan CEO says he will complete debt reduction plan
Published 11/14/2016, 12:45 PM
Freeport McMoRan CEO says he will complete debt reduction plan
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