UPDATE 3-Freeport to sell prized Tenke copper mine to China Moly for $2.65 bln

Mon May 9, 2016 12:25pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Biggest copper deal since Glencore's Las Bambas sale

* Freeport has sold $4 bln assets since start of 2016

* China Molybdenum strikes second deal in two weeks

* China's outbound deals near $100 bln

* Lundin Mining has right of first offer on Tenke (Adds analyst comment, stock move, deal terms)

By Anet Josline Pinto and Denny Thomas

May 9 (Reuters) - Freeport-McMoRan Inc has agreed to sell its majority stake in the Tenke copper project in the Democratic Republic of Congo to China Molybdenum Co Ltd (CMOC) for $2.65 billion in cash, reducing the U.S. miner's debt and handing the Chinese company one of the world's prized copper assets.

The deal is a vote of confidence in copper, which many consider a bright spot among base metals. It is also the biggest copper deal since Glencore sold its Las Bambas mine in Peru for $6 billion in 2014.

The China Moly acquisition, its second in as many weeks, comes days after Rio Tinto approved a $5.3 billion underground expansion of the Oyu Tolgoi copper mine in Mongolia..   Continued...