COPPER M&A
US diversified miner Freeport McMoRan has announced the $2.65-billion sale Monday of its 70% interest in TF Holdings, which controlled an 80% stake in the Tenke Fungurume copper/cobalt mine, in the Democratic Republic of Congo (DRC).
NYSE-listed Freeport had entered into a definitive agreement to sell its interests in TF Holdings Limited to China Molybdenum (CMOC) for $2.65-billion in cash. The deal also provided for a contingent consideration of up to $120-million, consisting of $60-million if the average copper price exceeded $3.50/lb and $60-million if the average cobalt price exceeded $20/lb, both during the 24-month period between 2018 and 2019.
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