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OFFON

FREEPORT-MCMORAN INC.

(FCX)
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FREEPORT-MCMORAN INC : Other Events (form 8-K)

09/01/2021 | 08:12am EDT

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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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 23 091 M - -
Net income 2021 4 282 M - -
Net Debt 2021 1 177 M - -
P/E ratio 2021 13,2x
Yield 2021 0,76%
Capitalization 54 509 M 54 509 M -
EV / Sales 2021 2,41x
EV / Sales 2022 2,06x
Nbr of Employees 24 500
Free-Float 91,2%
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Number of Analysts 18
Last Close Price 38,64 $
Average target price 41,15 $
Spread / Average Target 6,49%
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Managers and Directors
Richard C. Adkerson Chairman & Chief Executive Officer
Kathleen L. Quirk President & Chief Financial Officer
Bertrand L. Odinet Chief Information, Innovation Officer & VP
Stephen T. Higgins Chief Administrative Officer & Senior VP
Frances Fragos Townsend Independent Director
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