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.