Item 8.01. Other Events.

On September 1, 2021, Freeport-McMoRan Inc.'s ("FCX") 56% owned subsidiary, Koboltti Chemicals Holdings Limited, completed the previously announced sale of its specialty cobalt business based in Kokkola, Finland ("Freeport Cobalt") to Jervois Global Limited ("Jervois") for $208 million, including working capital and subject to post-closing adjustments, consisting of cash consideration of approximately $173 million and 7% of Jervois shares valued at approximately $35 million.

Under the terms of the transaction, FCX and its noncontrolling interest partners will have the right to receive up to $40 million in contingent cash consideration based on the future performance of the business.

This specialty cobalt business was no longer strategic to FCX following the sale of its interests in Tenke Fungurume in 2016 and the sale of its cobalt refinery in Kokkola in 2019.

FCX's share of net proceeds, excluding contingent consideration, approximates $100 million in cash plus approximately 60 million shares of Jervois common stock, which represents 3.93% of Jervois' outstanding shares.

The financial contribution of the business was not significant to FCX's financial results during 2020 and the first half of 2021.

FCX expects to record a gain on the transaction in its third-quarter 2021 financial results.

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