Freeport-McMoRan (FCX) has completed its previously announced sale of a 13% interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co. Ltd. (SMM) for $1 billion in cash. Morenci is now owned 72% by FCX, 15% by Sumitomo Metal Mining Arizona Inc., and 13% by Sumitomo Metal Mining Morenci Inc.

FCX plans to use net proceeds from the transaction to repay $500 million in borrowings under its bank term loan with the balance to reduce amounts drawn under its revolving credit facility.