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