Freeport-McMoRan Inc. Completes Sale of Portion of Cobalt Business to Umicore
December 02 2019 - 8:00AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
completed the previously announced sale of its cobalt refinery in
Kokkola, Finland and related cobalt cathode precursor business to
Umicore for total cash consideration of approximately $200 million,
including approximately $50 million of working capital.
Under the terms of the agreement, FCX separated its cobalt
business and Umicore acquired the refinery and cathode precursor
business, which represents approximately 60 percent of the
refinery’s historical revenues. FCX and its partners will retain
Freeport Cobalt’s remaining cobalt business with operations in
Kokkola, Finland and sales offices in the U.S., Europe and Asia.
The retained cobalt business is a leading global producer of cobalt
fine powders, chemicals, catalyst, ceramics and pigments.
Lundin Mining Corporation (TSX: LUN) is entitled to receive 30
percent of the proceeds of the transaction.
FCX expects to record an approximate $60 million gain on the
transaction.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX is one of the world's largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; and significant mining operations in North America and
South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru. Additional
information about FCX is available on FCX's website at
"fcx.com."
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005473/en/
Freeport-McMoRan Inc. Financial: Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
Media: Linda S. Hayes, 602-366-7824
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