Davis Polk is advising Freeport-McMoRan Inc. in connection with its $1.0 billion sale of a 13% ownership interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co., Ltd. The transaction, which is expected to close in mid-2016, is subject to regulatory approvals and customary closing conditions.

Freeport-McMoRan is a premier U.S.-based natural resources company with an industry-leading, global portfolio of mineral assets, significant oil and gas resources and a growing production profile. In 2015, Freeport-McMoRan’s 85% share of Morenci revenues totaled $2.2 billion and production and delivery costs totaled $1.5 billion. Sumitomo Metal Mining Co. is a Japanese company whose core businesses are mineral resources, smelting and refining, and basic materials.

The Davis Polk corporate team includes partner Marc O. Williams and associate Daniel Brass. Counsel Betty Moy Huber and associate Michael Comstock are providing environmental advice. Counsel Susan D. Kennedy and associate Gregory A. Goldman are providing real estate advice. Partner Frank J. Azzopardi is providing intellectual property and technology advice. Partner Joel M. Cohen and counsel Mary K. Marks are providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.

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