Tag Archives: selling

mining

Freeport-McMoRan sells stake in Chilean mine for $1.8B

Freeport-McMoRan Inc. is selling 80 percent of its stake in a copper and gold mine in Chile for at least $1.8 billion.

The mining company announced the sale agreement Monday for the Candelaria-Ojos del Salado mine with Lundin Mining Corp. of Canada. In addition to $1.8 billion in cash, Freeport-McMoRan also said it will receive 5 percent of copper revenues in any year over the next five years if the average price exceeds $4 a pound. It’s currently trading at just over $3 a pound. That could total as much as $200 million, the company said.

The sale, with an effective date of June 30, 2014, is expected to be completed by year’s end subject to approval by regulators.

Freeport-McMoRan said it expects to earn about $1.5 billion after taxes from the sale, excluding the additional fees.

Company executives said the deal is a step in its ongoing efforts to reduce debt, following the $3.1 billion sale of its Eagle Ford shale assets in Texas in June.

Lundin said the remaining 20 percent of the mine will continue to be held by Sumitomo Metal Mining Co. and Sumitomo Corp.

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Danley Ranked No. 1 Selling Agent in Arizona

Walt Danley ranked as the No. 1 selling real estate agent in Arizona by sales volume, according to the REAL Trends “The Thousand: 2014 Top 1,000 Real Estate Professionals.” The list was published in The Wall Street Journal on June 27, 2014.

Danley is ranked No. 30 in the U.S. for individual sales volume, having sold $167,105,094 in residential real estate in 2013. “The Thousand” list is comprised of third-party data and honors the top one thousand real estate professionals and teams in the nation.

Walt Danley is the president and namesake of Walt Danley Realty, a Scottsdale-based luxury residential real estate brokerage. The firm is Arizona’s affiliate of Christie’s International Real Estate and boasts the largest inventory of million-dollar estates within Arizona. Danley has sold nearly $3 billion during his 37-year real estate career, and has been ranked in the top one percent of real estate agents nationally every year since 1977.

“The secret to successful real estate transacting is conducting business with integrity, building strong personal relationships, and leveraging the strengths of your team,” said Walt Danley, president of Walt Danley Realty. “I am honored to work alongside a team of the most skilled real estate professionals with vast expertise, market knowledge and creative ideas.”

Walt Danley Realty represents luxury homebuyers and sellers in the Northeast Valley of Phoenix including Scottsdale, Paradise Valley, Fountain Hills, Rio Verde, Arcadia, Biltmore, Cave Creek and Carefree. Walt Danley Realty is located at 6720 N. Scottsdale Rd., #140, Paradise Valley, AZ 85253. For more information, visit www.waltdanley.com.