Freeport Sells $1 Billion Mine Stake as Sumitomo Bets on Rebound

  • Freeport-McMoRan had flagged asset sales to help cut debt
  • `Prices will eventually come back,' Sumitomo's Nakazato says

Freeport-McMoRan Inc. agreed to sell an additional stake in one of its biggest mines to Sumitomo Metal Mining Co. as the world’s top publicly traded copper producer battles to rein in debt after prices collapsed.

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