China Molybdenum Luoyang : to Buy 56% of Tenke Copper, Cobalt Mine

[Ferro-Alloys.com]SHANGHAI, November 16, SinoCast -- China Molybdenum announces that THL has given up the right of preemption under the TFHL JVSA term.
CMOC Limited, a wholly-owned subsidiary of China Molybdenum, this May signed a binding agreement with Freeport, indirectly taking over 56% equities Freeport held in Tenke Fungurume copper and cobalt mine in Democratic Republic of the Congo. Consideration was USD 2.65 billionplus future possible consideration of maximum USD 120 million; the latter figure will be determined in terms of copper and cobalt prices. The deal is expected to close in the fourth quarter this year.
 

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