Freeport-McMoRan $550 million sale of mining interests to China Molybdenum
Davis Polk advised Freeport-McMoRan Inc. in connection with its $550 million sale of its interests in the Kisanfu project to a wholly owned subsidiary of China Molybdenum Co., Ltd. The Kisanfu project, located in the Democratic Republic of Congo, is a large, undeveloped cobalt and copper resource discovered by Freeport’s exploration team.
Freeport-McMoRan is a leading international mining company with headquarters in Phoenix, Arizona. Freeport-McMoRan operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. Focused on non-ferrous metal mining, CMOC specializes in mining and trading of base and rare metals in the world. CMOC is the largest tungsten producer, the second-largest cobalt and niobium producer, one of the top five molybdenum producers and a leading copper producer in the world.
The Davis Polk corporate team included partner Marc O. Williams and associate Daisy Wu. Partner William A. Curran and associate Lex L. Varga provided tax advice. All members of the Davis Polk team are based in the New York office.