Davis Polk is advising Freeport-McMoRan Inc. in connection with the $262.5 million sale, payable in stages upon the achievement of key development milestones, of a portion of its stake in the Timok project located in Serbia to Lundin Mining Corporation. The Timok project is currently held 55% by Freeport-McMoRan and 45% by Reservoir Minerals Inc. The transaction, which is expected to close in the second quarter of 2016, is subject to Reservoir’s right of first offer, as well as other customary closing conditions.

Freeport-McMoRan is a premier U.S.-based natural resources company with an industry-leading, global portfolio of mineral assets, significant oil and gas resources, and a growing production profile. The Timok project is located in eastern Serbia and is currently centered on the development of the Cukaru Peki deposit located within the Brestovac-Metovnica mineral license. Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, the United States, Portugal and Sweden, primarily producing copper, nickel and zinc.

The Davis Polk corporate team includes partner Marc O. Williams and associates Daniel Brass, Darren M. Schweiger and Arthi Sridharan. Partner Kathleen L. Ferrell and associate Anne E. McGinnis are providing tax advice. Counsel Susan D. Kennedy and associate Gregory A. Goldman are providing real estate advice. Counsel Betty Moy Huber and associate Michael Comstock are providing environmental advice. All members of the Davis Polk team are based in the New York office.

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