Freeport McMoRan raises $1.5B in gross proceeds from at-the-market offering
Freeport-McMoRan announced the completion of its at-the-market offering of common stock announced on July 27. FCX raised $1.5B in gross proceeds through the sale of 116.5M shares of FCX common stock in open market transactions since July 28. The shares were issued pursuant to FCX's shelf registration statement. After giving effect to this offering, FCX will have approximately 1.44B shares of common stock outstanding. President and CEO Richard Adkerson said, "The completion of this offering, together with $6.6B in previously announced asset sale transactions, enables us to restore our balance sheet strength and achieve our stated debt reduction targets. This important milestone represents the successful completion of our plan to generate proceeds for debt repayment through asset sales and the issuance of equity. Our plan was executed in a manner to enable us to retain our industry leading portfolio of high quality, long-lived copper assets. We remain focused on executing our operating plans to generate significant free cash flow and to building long-term values for shareholders."