Freeport-Mcmoran Announces Agreement To Sell Portion Of Cobalt Business

Mr. Adkerson continued: „We congratulate our team on the development of Tenke Fungurume for its leadership status as an extremely successful mining operation. We are confident that cmoc will continue to build on Tenke Fungurume`s future success and development potential and will continue to work towards a safe and productive working environment and a sustainable future, with considerable benefits for the Congolese government and the local community. FCX is a proud partner of the Democratic Republic of Congo and is committed to ensuring an effective transition through a service agreement to ensure business continuity. Image: As part of the transaction agreement, Lundin is entitled to receive 30% of the proceeds of the transaction. Photo: Courtesy of Alex Banner of Pixabay. In addition, FCX has agreed to negotiate exclusively with CMOC to enter into definitive agreements on the sale of its shares in Freeport Cobalt, including cobalt refinery Kokkola in Finland, for $100 million and the Kisanfu exploration project in the Democratic Republic of Congo (DRC) for $50 million. PHOENIX–(BUSINESS WIRE) -Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has entered into a definitive agreement to sell a 13% interest in its unregistered Morenci joint venture in Sumitomo Metal Mining Co., Ltd(SMM) for $1.0 billion in cash. FCX and its partners will retain Freeport Cobalt`s remaining cobalt business with branches in Kokkola and sales offices in the United States, Europe and Asia. The reserve is a global manufacturer of powders, chemicals, catalysts, ceramics and pigments.

PHOENIX—(BUSINESS WIRE)-Freeport-McMoRan Inc. (NYSE: FCX) today announced an agreement to sell its cobalt refinery line in Kokkola, Finland, and the cobalt cathode precursor business associated with Umicore for a total price of approximately $150 million, plus working capital at the time of closing. Under the transaction agreement, Lundin has the right to obtain 30% of the proceeds of the transaction and its joint venture Freeport Cobalt would continue to operate fine powders, chemicals, catalysts, ceramics and pigments at the same site. Lundin said the kokkola refinery is the largest cobal refinery in Europe and its refining and pioneering know-how complements the expertise and experience of Umicore`s 250 employees. Under the terms of the exclusivity agreement, Freeport has agreed, prior to December 31, 2016 exclusively with CMOC to negotiate the sale of the Freeport Cobalt and Kisanfu shares in separate transactions. The sale of Freeport Cobalt`s shares would be subject to an ROFO of Lundin Mining Corporation. Toronto, May 23, 2019 (TSX: LUN); Nasdaq Stockholm: LUMI) Lundin Mining Corporation („Lundin Mining“ or „the Company“) is pleased to announce, Freeport Cobalt, the company`s joint venture with Freeport-McMoRan Inc., a final agreement to sell its cobalt refinery line in Kokkola, Finland, and the cobalt-cathode precursor business associated with Umicore for a cash payment of approximately US$150 million, plus working capital at the time of closing (the „Transaction“). . .

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