Its kind of like making a prepayment on your mortgage. Like almost all companies, FCX borrowed money for expansions over the years. The redemption means the company is making sufficient money/free cash flow, that enables them to redeem the subject notes in addition to running their business, paying our dividend, etc.. When a company redeems notes early they will usually redeem notes that are coming due the soonest, or they will redeem the ones with the highest interest rates, which will give them the most savings. So they are redeeming 300 million in notes early. Keep in mind the company has over 20 billion in debt after their big purchase of the oil and gas assets last June. As long as copper prices stay north of $3/pound, you can expect FCX to redeem more of their debt early every quarter or so. They have indicated that debt reduction is a priority. They may even be selling some of the non-essential oil and gas assets to knock down the debt. It's all good.