In March, Imperial (TSX:III) entered into an agreement to sell 70% of Red Chris, its flagship copper and gold mine, to Newcrest Mining for $807 million. Proceeds will be used to pay down maturing debt, including the senior debt owned by the Fund. The Fund will remain an owner of Imperial’s common stock, which offers further appreciation with such de-leveraging, Newcrest managing Red Chris, and rising copper and gold prices.
From Bruce Berkowitz (Trades, Portfolio)'s second-quarter 2019 Fairholme Fund (Trades, Portfolio) shareholder letter.
