P.M. Briefing : Freeport McMoRan Selloff Set
From Times Wire Services
NEW ORLEANS —
Freeport McMoRan Inc. said today it intends to sell at least $750 million in assets by the middle of 1991 to reduce its debt.
The company said it plans to sell at least $600 million of oil and gas properties and reduce Freeport-McMoRan Copper Co. Inc.’s ownership in Freeport Indonesia Inc. from 91.1% to 80%.
The company, which has interests in mining and marketing natural resources such as sulfur, oil and natural gas, gold and copper, said it expects its long-term debt will be about $1.6 billion at the end of the year.
