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Slide #26. Freeport-McMoRan Copper & Gold Inc. — Kokkola Cobalt Refinery
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)
Kokkola Cobalt Refinery
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) announced today the completion of the previously announced transaction for FCX and its joint venture partners to acquire from OM Group, Inc., a large scale cobalt chemical refinery located in Kokkola, Finland, and related sales and marketing business. The joint venture will operate under the name Freeport Cobalt and FCX will be the operator with an effective 56 percent ownership interest, with the remaining effective ownership interests held by its partners in Tenke Fungurume Mining, including 24 percent by Lundin Mining Corporation and 20 percent by La Gnrale des Carrires et des Mines (Gcamines). The acquisition enhances FCX's cobalt marketing position, product portfolio and product development capabilities and provides direct end-market access for the cobalt hydroxide production at Tenke.
Freeport-McMoRan is a holding company. Through its subsidiaries, Co. is a mining company. Co. operates assets with proven and probable reserves of copper, gold and molybdenum, and Co. is a publicly traded copper producer. Co.'s portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits; and mining operations in North America and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. Co. has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines.
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