NEW YORK (TheStreet) -- Freeport-McMoRan (FCX) - Get Report shares are spiking 1.15% to $11.47 in Friday's pre-market trading session as the mining company is in discussions with China's Citic Metal to sell a stake in its North and South American operations.
Specifically, the stake may comprise about 20% of the company's assets, and could be worth about $2 billion, Bloomberg reports.
Freeport-McMoRan is also in talks with at least one other investor group, but no final decision has been made and other buyers may be interested in the company's assets in the Americas.
All of this comes as Freeport is looking to cut its debt in half over the next two years.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: FCX