Freeport-McMoran and Lundin complete Finland refinery sale
Materials technology group Umicore has completed the acquisition of the cobalt refining and cathode precursor activities in Kokkola, Finland, from Freeport Cobalt for $203-million on a debt and cash-free basis.
Freeport Cobalt is a joint venture (JV) between mining companies Freeport-McMoran and Lundin Mining, which is entitled to receive 30% of proceeds of the transaction.
The JV will retain Freeport Cobalt's fine powders, chemicals, catalyst, ceramics and pigments businesses.
Umicore expects the acquisition to be earnings accretive from 2020 and value accretive from 2021, after completion of the integration process and a reduction of the net working capital resulting from supply chain synergies.
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