Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Freeport-McMoRan Completes Acquisition Of Kokkola Cobalt Refinery

RELATED NEWS
Trade FCX now with 

Freeport-McMoRan Copper & Gold Inc. (FCX: Quote) 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: Quote).

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: Quote,LMC: Quote) 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.

Click here to receive FREE breaking news email alerts for Freeport McMoran Copper & Gold Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
With trading resuming following the long, holiday weekend, stocks showed a lack of direction throughout the trading session on Tuesday before ending the day mixed. The markets largely held on to the bulk of their recent gains. The Islamic State (IS), a Sunni extremist group previously known as Islamic State of Iraq and the Levant (ISIL), has released a video purporting to show the beheading of US journalist Steven Sotloff, media reports said Tuesday. According to reports, the video also showed a masked man threatening to execute a British man named David Haines. He also warned governments to stay away "this evil allian Less than a month after resigning from Congress, former House Majority Leader Eric Cantor, R-Virg., has made the move from Washington to Wall Street by joining boutique investment bank Moelis & Co. A statement from Moelis said Cantor will serve as Vice Chairman and Managing Director and also be elected to the company's Board of Directors.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.