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Freeport, China Moly end talks on cobalt asset sale

Published 06/14/2017, 05:43 PM
© Reuters.  Freeport, China Moly end talks on cobalt asset sale
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  • Freeport McMoRan (NYSE:FCX) says discussions with China Molybdenum on the latter's acquisition of its cobalt assets have been terminated without a deal.
  • China Moly had agreed last month to pay $2.65B for FCX's stake in the Tenke Fungurume mine in the southern Congolese copper belt, one of the world's largest deposits.
  • FCX says its cobalt business remains strong, with a long‐term cobalt supply agreement with Tenke Fungurume of more than 10 years, but does not say if it has been approached by other interested parties or whether it is in any other talks.
  • Now read: He Came, He Saw, He Bought


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