We are advising Freeport Cobalt on the transaction

Davis Polk is advising Freeport-McMoRan in connection with its sale of Freeport Cobalt to Jervois Mining Limited for $160 million and up to an additional $40 million in contingent consideration. The transaction is expected to close at the end of August 2021 and is subject to customary closing conditions.

Freeport Cobalt is an industry leading business that has produced cobalt products for key markets since 1968. Freeport Cobalt is strategically located in the Kokkola, Finland, in a competitive industrial park, close to key markets. Jervois is focused on becoming a global supplier in the emerging battery metals market. Jervois is primarily focused on cobalt but maintains significant nickel and copper exposure through its development and refinery asset portfolio.

The Davis Polk corporate team includes partner Darren M. Schweiger and associates Molly I. Manning, Billy Padula and Helen Zhang. Partner William A. Curran and associate Lex L. Varga are providing tax advice. The executive compensation team includes partner Kyoko Takahashi Lin and associate Justin Alexander Kasprisin. Partner Pritesh P. Shah and associate Samantha Lefland are providing intellectual property advice. All members of the Davis Polk team are based in the New York office.