logo
Share SHARE
FONT-SIZE Plus   Neg

Freeport-McMoRan Completes Acquisition Of Kokkola Cobalt Refinery

Freeport-McMoRan Copper & Gold Inc. (FCX) on Friday announced the completion of the deal for the company and its joint venture partners to acquire a large scale cobalt chemical refinery located in Kokkola, Finland, and related sales and marketing business from OM Group, Inc. (OMG).

The joint venture will operate under the name Freeport Cobalt and Freeport-McMoRan will be the operator with an effective 56% ownership interest, with the remaining effective ownership interests held by its partners in Tenke Fungurume Mining, including 24% by Lundin Mining Corp. (LUN.TO,LMC) and 20% by La Générale des Carrières et des Mines.

Total consideration, including about $30 million of acquired cash, approximated $355 million and was funded 70% by Freeport-McMoRan and 30% by Lundin Mining, which amounts will be repaid prior to any distributions.

Under the terms of the agreement, OM Group is entitled to receive potential additional consideration of up to $110 million over a period of three years, contingent upon the achievement of revenue-based performance targets.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The month of May saw the FDA greenlight 5 new drugs, including 1 new molecular entity, and surprisingly turn down 1 drug candidate, whose approval was considered a no-brainer by some experts. Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts.
comments powered by Disqus
Follow RTT