You Won't Believe How Much Debt Freeport-McMoRan Inc. Has
Freeport-McMoRan Inc. (NYSE: FCX), one of the world's largest copper miners, made what turned out to be an ill-fated diversification attempt in 2013. The energy business it bought floundered and, because the deal was financed with debt, left Freeport struggling to make ends meet. It's been a long slog, but Freeport's balance sheet is starting to look a lot better -- though it's nowhere near its pre-deal strength.
If you examined Freeport's balance sheet at the end of 2012 it was in great shape. The miner had $3.7 billion in cash, a current ratio of nearly 3.1, and long-term debt of $3.5 billion. At that point Freeport's financial foundation was rock solid, bordering on pristine.
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Source: Fool.com