Freeport-McMoRan Announces Agreement to Sell Portion of Cobalt Business
23 Mai 2019 - 10:10PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today an agreement
to sell its cobalt refinery in Kokkola, Finland and related cobalt
cathode precursor business to Umicore for total consideration of
approximately $150 million, plus working capital at the time of
close.
Under the terms of the agreement, FCX will separate its cobalt
business prior to completing the transaction. Umicore will acquire
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 with 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.
The transaction is subject to regulatory approvals and other
customary closing conditions and is expected to close by year-end
2019. Lundin Mining Corporation (TSX: LUN) is entitled to receive
30 percent of the proceeds of the transaction.
The first-quarter 2019 earnings and cash flow contribution from
the assets being sold was insignificant to FCX. FCX expects to
record a 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 the 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."
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as expectations related to the completion of
the pending transaction. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” "targets,"
“intends,” “likely,” “will,” “should,” “to be,” ”potential" and any
similar expressions are intended to identify those assertions as
forward-looking statements. FCX cautions readers that
forward-looking statements are not guarantees of future performance
and actual results may differ materially from those anticipated,
expected, projected or assumed in the forward-looking statements.
Important factors that can cause FCX's actual results to differ
materially from those anticipated in the forward-looking statements
include, but are not limited to, the ability of the parties to
satisfy closing conditions and consummate the pending transaction
and other factors described in more detail under the heading “Risk
Factors” in FCX's Annual Report on Form 10-K for the year ended
December 31, 2018, filed with the SEC.
Investors are cautioned that many of the assumptions upon which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may not be able to
control. Further, FCX may make changes to its business plans that
could affect its results. FCX cautions investors that it does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in its assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005787/en/
Freeport-McMoRan Inc.Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contact:Linda S.
Hayes, 602-366-7824
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