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#Phoenix-based #Freeport, one of the world’s biggest #Copper #Miners, said it would sell a 13% ownership interest in its #Morenci mine, located in the desert on the #Arizona – #NewMexico border, to #Sumitomo Metal Mining Co. for $1 billion. The company said it would record a gain of $550 million on the deal, the difference between the sale price and the stake’s book value of $450 million.

Read more at: http://www.wsj.com/articles/freeport-pares-u-s-copper-mine-stake-in-1-billion-deal-1455564638