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
A California man has filed a lawsuit against McDonald's alleging that the fast food giant is defrauding customers by cramming its mozzarella sticks with filler instead of real cheese. Chris Howe is seeking at least $5 million in damages on behalf of consumers in 42 states and the District of Columbia. The... Jeep, the 4x4 vehicles, which has developed a strong bond with its masters, is aggressively on an expansion mode in its 75th anniversary year. Its fans have always been in love with the famous tag "Go Anywhere, Do Anything." Meat products maker Tyson Foods Inc. (TSN) reported a profit for the first-quarter that increased 49% from last year. It raised its profit outlook for fiscal year 2016 ,but it cut its annual sales guidance.
comments powered by Disqus
RELATED NEWS
Trade FCX now with 
Follow RTT