China Moly to Buy Tenke Copper Mine at $2.65 billion from Freeport

Published: May 10, 2016 15:31

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China Molybdenum Co., Ltd. (China Moly) will spend $2.65 billion in cash to buy the 56 percent stake in Tenke Fungurume mine from Freeport-McMoRan.

SHANGHAI, May 10 (SMM) – China Molybdenum Co., Ltd. (China Moly) will spend $2.65 billion in cash to buy the 56 percent stake in Tenke Fungurume mine from Freeport-McMoRan.

The Tenke copper project, in the Democratic Republic of Congo, is one of the world's largest copper deposits, and the deal is the second largest acquisition by China Moly in less than two weeks.

China Moly announced late April to buy niobium and phosphates business from Anglo American PLC at $1.5 billion.

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Copper Mine copper mine output China Molybdenum

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