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Lundin Mining announces sale of interest in Kokkola cobalt refinery

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Global Mining Review,

Lundin Mining Corporation has announced that Freeport Cobalt – the company’s joint venture with Freeport-McMoRan Inc. – has entered into a definitive agreement to sell its cobalt refinery in Kokkola (Finland) and related cobalt cathode precursor business to Umicore for cash consideration of approximately US$150 million, plus working capital at the time of close (the transaction).

Lundin Mining is entitled to receive 30% of the proceeds of the transaction. The joint venture will retain Freeport Cobalt’s fine powders, chemicals, catalyst, ceramics and pigments businesses.

The transaction is subject to the completion of the separation of Freeport Cobalt, the receipt of required regulatory approvals, and other customary closing conditions.

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

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