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Freeport-McMoRan to Sell African Mining Stake for $2.7 Billion

Freeport-McMoRan Inc. FCX 4.43 % said it would sell its stake in an African surface-mining operation to a Chinese mining-and-processing firm for $2.65 billion in cash, as Freeport looks to pay down debt.

Phoenix-based Freeport said it would sell its interests in TF Holdings Limited, a Bermuda holding company that indirectly owns an 80% interest in the Tenke Fungurume mine in the Democratic Republic of the Congo, to China Molybdenum Co. Freeport has a 70% stake in TF Holdings, and an effective 56% interest in Tenke.

Freeport, the U.S.’s biggest mining company by market value, made a big bet on oil and gas in 2013 when it bought McMoRan...


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