Details on the deal In last quarter's earnings report, Freeport-McMoRan noted that it was "actively engaged in discussions with third parties regarding potential transactions." Now, we're seeing the first tangible outcome of those discussions after the company reached an agreement to sell a 13% ownership interest in its Morenci copper mine in Arizona to Sumitomo Metal Mining for $1 billion. The deal expands their existing partnership because Sumitomo and one of its affiliates already own 15% of the mine, with Freeport having owned the other 85%. However, once this deal closes, Freeport-McMoRan's interest in the mine will drop to 72%.