Freeport-McMoRan Inc has completed the sale of its stake in the undeveloped Kisanfu copper-cobalt project in the Democratic Republic of the Congo to a wholly-owned subsidiary of China Molybdenum Co (CMOC), the company said.
The project, which was discovered by Freeport's exploration team, was no longer deemed to be strategic to the company's long-term strategy after it sold its stake in the adjacent Tenke Fungurume mine in 2016, also to CMOC.Freeport said it expects to record an after-tax gain of roughly $350 million in the fourth quarter associated with the sale. After-tax net cash proceeds are estimated to...