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Freeport-McMoRan Announces Agreement to Sell Portion of Cobalt Business

Freeport-McMoRan Inc. (NYSE: FCX) announced today an agreement to sell
its cobalt refinery in Kokkola, Finland and related cobalt cathode
precursor business to Umicore for total consideration of approximately
$150 million, plus working capital at the time of close.


Under the terms of the agreement, FCX will separate its cobalt business
prior to completing the transaction. Umicore will acquire the refinery
and cathode precursor business, which represents approximately 60
percent of the refinerya??s historical revenues. FCX and its partners will
retain Freeport Cobalta??s remaining cobalt business with operations in
Kokkola, Finland and with sales offices in the U.S., Europe and Asia.
The retained cobalt business is a leading global producer of cobalt fine
powders, chemicals, catalyst, ceramics and pigments.


The transaction is subject to regulatory approvals and other customary
closing conditions and is expected to close by year-end 2019. Lundin
Mining Corporation (TSX: LUN) is entitled to receive 30 percent of the
proceeds of the transaction.


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


FCX is a leading international mining company with headquarters in
Phoenix, Arizona. FCX operates large, long-lived, geographically diverse
assets with significant proven and probable reserves of copper, gold and
molybdenum. FCX is one of the world's largest publicly traded copper
producers.
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