Borenius advised Freeport-McMoRan on the $160 million sale of Freeport Cobalt to Jervois Mining

We advised Freeport-McMoRan in connection with its sale of Freeport Cobalt for $160 million and up to an additional $40 million in contingent consideration to Jervois Mining Limited. Freeport Cobalt is a cobalt refining and specialty products business with a production facilty in Kokkola, Finland. The transaction is expected to close at the end of August 2021 and is subject to customary closing conditions.

Freeport-McMoRan Inc is one of world’s three largest copper producers, and Jervois Mining Limited is an ASX listed mining company for which this acquisition gives the potential to transform into the second largest producer of refined cobalt outside China.