Freeport McMoRan Inc. said Friday it has raised $1 billion in an at-the-market offering of common stock and filed to sell another up to $1 billion. The company said it plans to use the proceeds for general corporate purposes, including repayment of debt and financing of working capital. The metals and mining company said it is still talking to investors on investing in its oil and gas properties and the possible IPO of a minority stake in the business. “The actions we have taken to cut costs, significantly reduce capital expenditures in our mining and oil and gas businesses and raise equity proceeds are necessary in the current period of weak and uncertain market conditions,” executives said in a statement. Shares fell 2.1% in premarket trading, and are down 48% in the year so far, while the S&P 500 has lost 3%.
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