Mining Frontier
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022
No Result
View All Result
Mining Frontier
No Result
View All Result
Home Sectors DIAMONDS

Freeport McMoRan Announces Agreement to Sell Portion of Cobalt Business

May 28, 2019
in DIAMONDS, Market Reports
Freeport-McMoRan

Freeport-McMoRan announced 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 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.

Previous Post

De Beers approves custom-built diamond recovery vessel for Namibia

Next Post

Proposed Billion Dollar Investment in Pueblo Viejo Will Boost its Contribution to Economy

Related Posts

GoldON Provides Exploration update on West Madsen Gold Property in Ontario's Red Lake Camp
Market Reports

Donlin Gold announces final 2021 drill programme results

March 4, 2022
ALROSA signs agreement in Zimbabwe
DIAMONDS

Botswana diamond mine feels the impact of Weba Chute Systems custom solution

February 3, 2022
PJSC MMC Norilsk Nickel financial results
Market Reports

Anglo American rough diamond sales value for De Beers first sales cycle of 2022

February 3, 2022
Newmont awards contract to K2fly for implementation of RCubed solution
Market Reports

Anglo American reports first rough diamond sales value for De Beers in 2022

February 3, 2022
ALROSA Diamond Mining
DIAMONDS

Okwa Diamonds to acquire Ghaghoo mine from Gem Diamonds

September 3, 2021
Orange Business Services partners with De Beers on 'geofencing' solution for offshore diamond mining
DIAMONDS

Orange Business Services partners with De Beers on ‘geofencing’ solution for offshore diamond mining

September 3, 2020
Next Post
Pueblo Viejo

Proposed Billion Dollar Investment in Pueblo Viejo Will Boost its Contribution to Economy

No Result
View All Result

Recent Posts

  • FIRST MODE POWERS WORLD LARGEST ZERO-EMISSION VEHICLE FOR MINING GIANT ANGLO AMERICAN
  • Vale and Nippon Steel to evaluate carbon-neutral ironmaking solutions
  • Orica launches lower environmental impact Fortis Protect range of bulk explosives
  • FLSmidth to supply Sabina Gold & Silver with full flowsheet offering at Goose gold mine
  • thyssenkrupp to build first in the world Rail Running Conveyor systems for Tier 1 copper miner
Mining Frontier

System

  • Search
  • Sitemap
  • Feed

Resources

  • Contact US
  • Download Mediapack
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
  • Projects
  • Events & Conferences
  • Contact US
  • More

© 2019 Copyright Valuemediaservices All rights reserved.

No Result
View All Result
  • Home
  • News
  • Press Releases
  • Market Reports
  • Sectors
    • Aluminium
    • COAL
    • COPPER
    • DIAMONDS
    • GOLD
    • IRON ORE AND MANGANESE
    • NICKEL
    • NIOBIUM
    • PHOSPHATES
    • PLATINUM
    • STEEL
  • Projects
  • Events & Conferences
  • Contact US
  • More
    • Newsletter Archive 2022

© 2019 Copyright Valuemediaservices All rights reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In