Mining giant Freeport-McMoRan may issue up to $1billion in common shares as it grapples with a global market slowdown for natural resources.
Freeport intends to use the net proceeds from the issue for general corporate purposes, which may include, among other things, the repayment of debt.
Last month the company reported a $1.85billion loss in the second quarter of 2015. The company posted $2billion of write-downs related to its oil and gas properties and other one-off items.
Freeport has an industry-leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile.
It is also the world’s largest publicly traded copper producer. Demand from China, the world’s largest consumer of the metal, has slumped as its economy has slowed in recent times.
Freeport’s assets include the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits. It also has significant US oil and natural gas assets in the deep water Gulf of Mexico, onshore and offshore California and in the Haynesville natural gas shale.