https://www.engineeringnews.co.za
Business|Mining|Refinery|Operations
Business|Mining|Refinery|Operations
business|mining|refinery|operations

Freeport-McMoran sells Finland cobalt refinery

24th May 2019

By: Creamer Media Reporter

     

Font size: - +

Phoenix, Arizona-headquartered Freeport-McMoran (FCX) has announced an agreement to sell its Kokkola cobalt refinery and related cobalt cathode precursor business to Begium’s Umicore for about $150-million, plus working capital at the time of close.

Toronto-listed Lundin Mining is a joint venture (JV) partner in the cobalt business and will receive 30% of the proceeds.

Under the terms of the agreement, FCX will separate its cobalt business to allow for Umicore to acquire the refinery and cathode precursor business, while FCX and Lundin will retain Freeport Cobalt’s remaining cobalt business with operations.

The retained cobalt business is a leading global producer of cobalt fine powders, chemicals, catalyst, ceramics and pigments.

The transaction is expected to close by year-end 2019.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.096s - 160pq - 2rq
Subscribe Now