As the market frets oil prices and the debt position of Freeport-McMoRan (FCX), investors continue to mis-price the stock. The copper producer sold 13% of the Morenci copper mine for $1 billion to Sumitomo Metal Mining that already owned a 15% position. The deal values the mine at roughly $7.7 billion of which Freeport-McMoRan will own 72% after the deal closes in mid-2016. The ability to monetize small portions of their large asset base should alleviate the concern with the balance sheet. With copper at around $2.05/lb, the situation is nowhere near the dire situation suggested by the stock price that plunged to $3.50 to start the year. Disclosure: No position