20 May 2026debt financing● Neutral
FCX renewed its revolving credit facility again on essentially the same $3.0 billion terms, extending the maturity to May 2031.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2022debt financing● Neutral
FCX replaced its 2018 credit facility with a new $3.0 billion unsecured five-year revolver, maturing October 2027.
27 July 2020debt financing● NeutralMajor
FCX closed its $1.5 billion of new notes - $650 million at 4.375% due 2028 and $850 million at 4.625% due 2030 - and reported only early results on the buy-back offers for its 2022-2024 notes, extending the early-tender premium to 7 August rather than completing them.
14 July 2020material agreement▲ Good
In the middle of the pandemic, FCX priced another $1.5 billion of notes (2028/2030) to fund tender offers retiring more of its 2022-2024 legacy notes -- a sign it retained solid capital-market access through the COVID downturn.
10 Mar 2020production update▲ GoodMajor
As COVID-19 spread globally, FCX reassured investors that its Grasberg underground transition remained on track (ore production up 35% versus the fourth quarter of 2019) and that it had a strong liquidity position with no significant near-term debt maturities.
4 Mar 2020debt financing● Neutral
FCX completed the $1.3 billion notes offering and the associated tender offers just as COVID-19 began disrupting markets.
20 Feb 2020material agreement▲ Good
Just weeks before the COVID-19 market crash, FCX priced an upsized $1.3 billion of notes (2028/2030) to fund tender offers retiring up to $1.1 billion of its 2021-2024 legacy notes.
25 Nov 2019material agreement● Neutral
FCX pre-emptively loosened its revolving credit facility's leverage-ratio covenant (from 3.75x up to as much as 5.25x through mid-2021, reverting after) ahead of anticipated capital spending.
15 Aug 2019debt financing● Neutral
FCX completed the $1.2 billion notes offering and the associated redemption and tender of older, higher-cost notes.
2 Aug 2019material agreement● Neutral
FCX priced $1.2 billion of new notes (due 2027 and 2029) to redeem its 6.875% notes due 2023 and fund tender offers for other legacy notes, continuing its long-running debt-refinancing program.
2 May 2019debt financing● Neutral
FCX amended its revolving credit facility, extending most of it by a year to April 2024 and loosening how the leverage-ratio covenant is calculated.
28 Dec 2018material agreement▲ GoodMajor
FCX closed the Inalum transaction: Indonesian entities now hold 51.2% of PT-FI's shares, but FCX retained its economics (about 81.28%) through 2022 via revenue and cost-sharing arrangements and continues to manage PT-FI's day-to-day operations.
28 Sept 2018material agreement▲ GoodMajor
FCX agreed to terms for Indonesian state enterprise Inalum to acquire Rio Tinto's Grasberg joint-venture interest and FCX's indirect 9.36% stake in PT Freeport Indonesia for $3.85 billion (FCX to receive $350 million) -- resolving years of Contract of Work negotiations by lifting Indonesian share ownership to 51.2% while extending PT-FI's mining rights through 2041.
23 Apr 2018debt financing▲ Good
FCX replaced its 2013-vintage credit facility with a new $3.5 billion unsecured five-year revolver maturing 2023 -- a smaller, unsecured facility reflecting its much-improved, deleveraged balance sheet after two years of asset sales.
10 May 2017debt financing● Neutral
FCX registered a further exchange offer for $179.1 million of new 6.125% notes due 2019, part of formally registering the notes restructured in the December 2016 exchange.
29 Dec 2016debt financing● Neutral
FCX completed the final settlement of that note exchange after its expiration, accepting a small remaining amount of tendered notes.
13 Dec 2016debt financing● Neutral
FCX completed an early exchange of its oil and gas subsidiaries' notes (2019-2023 maturities) for new notes issued directly by parent FCX and guaranteed by the oil and gas unit -- restructuring the debt up to the parent level as the oil and gas business was wound down.
16 Nov 2016asset acquisition disposition▲ GoodMajor
FCX closed the Tenke Fungurume sale to China Molybdenum for $2.65 billion, using the proceeds to repay debt including its bank term loan.
12 Sept 2016material agreement▲ GoodMajor
FCX agreed to sell its Deepwater Gulf of Mexico oil and gas properties to Anadarko Petroleum for $2.0 billion cash plus up to $150 million contingent -- effectively exiting offshore oil and gas -- and launched a consent solicitation to amend its oil and gas subsidiaries' note indentures.
27 July 2016material agreement● Neutral
FCX expanded its at-the-market equity program again, to up to $1.5 billion, through a syndicate of 17 banks.
16 May 2016material agreement▼ Bad
FCX registered up to $540 million of stock that Noble Drilling could sell under a settlement terminating an offshore drilling rig contract with FCX's oil and gas unit -- a real cost of unwinding the 2013 oil and gas expansion.
9 May 2016material agreement▲ GoodMajor
FCX agreed to sell its 56%-effective interest in Tenke Fungurume Mining (Democratic Republic of Congo copper/cobalt) to China Molybdenum for $2.65 billion cash plus up to $120 million in contingent payments -- its largest divestiture yet in the debt-reduction campaign.
16 Feb 2016material agreement▲ GoodMajor
FCX agreed to sell a 13% interest in its Morenci, Arizona copper mine to Sumitomo Metal Mining for $1.0 billion cash, part of a broader push to pay down the debt from its oil and gas expansion.
18 Sept 2015material agreement● Neutral
FCX expanded its at-the-market equity program by adding additional bank sales agents.
10 Aug 2015material agreement▼ BadMajor
Amid the 2015 commodity-price crash, FCX set up a $1.0 billion at-the-market equity sales program with J.P. Morgan -- a sign of balance-sheet strain following its debt-funded expansion into oil and gas.
29 Jan 2015material agreement● Neutral
FCX and Indonesia extended their memorandum of understanding on concession, royalty and divestment terms from January to July 2015, continuing the long-running Contract of Work negotiations.
14 Nov 2014debt financing● Neutral
FCX issued $3.0 billion of senior notes across four maturities (2017 through 2034, coupons 2.30%-5.40%) to repay debt taken on for the PXP and MMR acquisitions.
10 Nov 2014asset acquisition disposition● Neutral
FCX filed a routine follow-up amendment to its original PXP merger disclosure, adding a full-year-2013 pro forma income statement -- no new substance.
7 Oct 2014material agreement● NeutralMajor
FCX agreed to sell its 80% stake in the Candelaria and Ojos del Salado copper mines in Chile to Lundin Mining for about $1.8 billion cash plus up to $0.2 billion in contingent payments tied to future copper prices.
28 July 2014material agreement● NeutralMajor
PT Freeport Indonesia signed a memorandum of understanding with the Indonesian government to resume copper concentrate exports that had been halted by an export ban, agreeing to higher royalties (4.0% on copper and 3.75% on gold, up from 3.5%/1.0%) and a $115 million assurance bond while negotiating a long-term contract covering divestment of up to 30% to Indonesia and continued mining operations through 2041.