Freeport-McMoRan Completes Sale Of Undeveloped Project In Democratic Republic Of Congo

PHOENIX, AZ - Freeport-McMoRan Inc. has completed a sale of its interests in the Kisanfu undeveloped project to a wholly owned subsidiary of China Molybdenum Co., Ltd. (CMOC) for $550 million. The Kisanfu project, located in the Democratic Republic of Congo, is a large, undeveloped cobalt and copper resource discovered by Freeport’s exploration team. Following Freeport’s sale of its interest in the adjacent Tenke Fungurume mine in 2016, the Kisanfu project was no longer strategic to Freeport’s long-term strategy.

Richard C. Adkerson, President and Chief Executive Officer, said, “We are pleased to announce this transaction, which enhances our financial position. We continue to execute our strategy focused on our attractive portfolio of large and high-quality copper assets with strong and established franchises in North America, South America and Indonesia.”