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Freeport-McMoRan Sells Cobalt Refinery For $150 Million, Retains Cobalt Business

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Umicore announced yesterday that it will take Freeport-McMoRan's cobalt refinery in Kokkola, Finland off FCX's hands for US$150 million.

Freeport, one of the world's largest publicly traded copper producers, will retain its remaining cobalt business: Freeport Cobalt.

Transaction will close by year end. Lundin Mining Corporation (TSX:LUN) is entitled to receive 30 percent of the proceeds of the transaction.

Umicore, a Belgium-based precious metals recycling business, is acquiring the business to expand its battery materials value chain.

"With R&D, refining, precursor production, cathode materials production and battery recycling operations located in Europe, Umicore will be ideally placed to serve the European operations of its battery cell and automotive customers with a fully integrated, sustainable and local battery materials supply chain," the company said in a statement.

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