Deals

Miners Still Stuck in a Debt Swamp

Freeport-McMoRan's difficulties selling assets are emblematic of an industry dilemma.
Lock
This article is for subscribers only.

How hard can it be for a miner to sell some assets when commodity prices are on a tear? Harder than you might think.

Freeport-McMoRan bondholders are said to be standing in the way of a $2 billion sale of its Gulf of Mexico oil and gas fields to Anadarko, Bloomberg News reported late Tuesday. The creditors want to renegotiate terms if their loans remain with Freeport, rather than transferring to the financially stronger Anadarko, according to a letter to the miner.