JX Nippon Mining & Metals, a unit of Japan's Eneos Holdings, said on Monday it would sell its 5% stake in Indonesian copper smelter PT Smelting to Freeport-McMoRan Inc for an undisclosed sum after a review of its portfolio.
The deal will be completed on April 30, a JX Nippon Mining spokesman said.
The Japanese company, which has held the stake since 1996, has decided to exit the company as it aims to concentrate management resources in areas that are more important to JX, it said in a statement.
After the deal, Freeport will own 30% stake in PT Smelting, which is 60.5% owned by Mitsubishi Materials Corp and 9.5% by Mitsubishi Corp.