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Freeport-McMoRan completes sale of Kisanfu project for US$550 million

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Global Mining Review,

Freeport-McMoRan Inc. (FCX) has announced that it has completed a sale of its interests in the Kisanfu undeveloped project to a wholly owned subsidiary of China Molybdenum Co. Ltd (CMOC) for $550 million. After-tax net cash proceeds approximate US$415 million.

The Kisanfu project, located in the Democratic Republic of Congo, is a large, undeveloped cobalt and copper resource discovered by Freeport’s exploration team. Following Freeport’s sale of its interest in the adjacent Tenke Fungurume mine in 2016, the Kisanfu project was no longer strategic to Freeport’s long-term strategy.

Richard C. Adkerson, President and CEO, said: “We are pleased to announce this transaction, which enhances our financial position. We continue to execute our strategy focused on our attractive portfolio of large and high-quality copper assets with strong and established franchises in North America, South America and Indonesia.”

As of 31 December 2019, FCX did not have any proven and probable reserves associated with the Kisanfu project.

FCX expects to record an after-tax gain of approximately US$350 million in 4Q20 associated with this sale.

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