Freeport Stock Collapse Forcing Miner Into Asset-Sale Corner
- Miner may need to reconsider which assets are `core': Nelson
- Shares approach all-time low on slumping copper, oil prices
Stock Collapse Forcing Freeport Into Asset-Sale Corner
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Freeport-McMoRan Inc. has avoided the major asset sales undertaken by some of its rivals. With its shares tanking to near record-low levels, that may be on the horizon.
With the stock trading at its cheapest since 2000, the company’s plan to spin off or take public its oil and gas unit is unlikely to generate the kind of cash it needs to shore up its balance sheet. That may force the world’s biggest publicly traded copper company to part with significant mines, according to BB&T Capital Markets.