Phoenix-based mining company Freeport-McMoRan Inc. said in a recent news release that it has sold its onshore California holdings to Sentinel Peak Resources California LLC.

The sale price, before closing adjustments, amounted to $592 million for Freeport-McMoRan. Freeport-McMoRan retains the rights to an additional $50 million per year in 2018 through 2020 if the price of crude oil averages at least $70 per barrel during any one of those years.

Freeport-McMoRan holds large and diverse assets such as copper and gold reserves and is the largest publicly traded producer of copper in the world. Globally, the firm has more than 75,000 employees and contractors.

The company's assets also include the Grasberg minerals district in Indonesia, which is a significant source of copper and gold. It also owns the Morenci minerals district in North America and the Cerro Verde operation in South America, among other significant mining sites in the Americas.

Freeport-McMoRan also owns oil and natural gas production sites in Louisiana, off the shore of California and in central Wyoming.