Freeport not want to be 'distracted' by buyout offers, CFO says
2020-09-16 14:13:36 [Print]
Freeport McMoRan does not want to be distracted by any buyout offers and is focused on expanding its Grasberg mine in Indonesia and boosting cash flow, CFO Kathleen Quirk said on September 15.
Freeport is nearing the end of a $15B project to expand the world's largest copper mine, which is expected to significantly boost cash flow, and "we want to see our shareholders get the value from this plan as opposed to other shareholders getting the value," the CFO said.
Some 70% of the Grasberg expansion project should be completed by the end of 2020 and 90% by the middle of 2021, Quirk said.
Executives at Barrick Gold have openly talked about their interest in buying all or part of Freeport, especially Grasberg, but Quirk's comments reiterate CEO Richard Adkerson's declaration that he has no interest in any sale.
Freeport is nearing the end of a $15B project to expand the world's largest copper mine, which is expected to significantly boost cash flow, and "we want to see our shareholders get the value from this plan as opposed to other shareholders getting the value," the CFO said.
Some 70% of the Grasberg expansion project should be completed by the end of 2020 and 90% by the middle of 2021, Quirk said.
Executives at Barrick Gold have openly talked about their interest in buying all or part of Freeport, especially Grasberg, but Quirk's comments reiterate CEO Richard Adkerson's declaration that he has no interest in any sale.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' sales to production ratio statistics by province by month
Unit: %
