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Freeport Selling DRC Mine to China Moly for $2.65 Billion

  • Freeport could get further payment on copper, cobalt price
  • Company enters exclusive talks for sale of cobalt unit
Updated on

Freeport-McMoRan Inc. agreed to sell its Democratic Republic of Congo copper mine to China Molybdenum Co. for $2.65 billion as the Phoenix-based company reduces debt racked up in the commodities boom.

China Molybdenum will acquire Freeport’s indirect 56 percent stake in the Tenke Fungurume mine, which also produces cobalt, via a 70 percent interest in TF Holdings Ltd., Freeport said in statement Monday. The two companies also agreed to negotiate the sale of its interests in other cobalt assets.