Reuters reported that Freeport-McMoran Copper & Gold Inc has announced that it has secured $7 billion in debt financing to help support its move into the energy space.
As quoted in the market report:
Freeport, faced with a lack of high-quality new copper deposits, agreed in December to buy Plains Exploration & Production Co and McMoRan Exploration Co in a bid to diversify into the U.S. energy sector. The deals, worth a combined $9 billion, are expected to close in the second quarter of 2013.
| Updated December 2015
Get Our Expert Guide to Copper Investing FREE!Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.