LUNMF Lundin Mining Corp (PK)

   By Stephen Nakrosis 
 

Freeport-McMoRan Inc. (FCX) on Thursday said it was selling its cobalt refinery and business in Kokkola, Finland, to Umicore SA (UMICY) for $150 million.

Freeport will separate its cobalt business prior to the completion of the transaction. The retained cobalt operation has operations in Kokkola and sales offices in the U.S., Europe and Asia. It is a global producer of cobalt fine powders, chemicals, catalyst, ceramics and pigments, Freeport said.

Umicore will get the refinery and cathode precursor business, which represents about 60% of the refinery's historical revenues.

Lundin Mining Corp. (LUNMF), Freeport-McMoRan's partner in the cobalt joint venture, is entitled to 30% of the proceeds.

Freeport said first-quarter 2019 earnings and cash flow contribution from the assets being sold was insignificant, and it expects to record a gain on the transaction.

The transaction is expected to close by the end of this year.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 23, 2019 17:23 ET (21:23 GMT)

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