Russian Copper Company ZAO entered into a share purchase agreement to acquire Malmyzh Copper-Gold Porphyry Project from IG Copper LLC and Freeport-McMoRan Inc. for $200 million.
June 13, 2018
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Russian Copper Company ZAO entered into a share purchase agreement to acquire Malmyzh Copper-Gold Porphyry Project from IG Copper LLC and Freeport-McMoRan Inc. (NYSE:FCX) for $200 million on June 14, 2018. The estimated value of transaction to EMX Royalty Corporation's interest in IG Copper, net of financial arrangements, is approximately $68 million. The estimated value of transaction to Till Capital Ltd's interest in IG Copper, net of financial arrangements, is approximately $5.4 million. As of October 2, 2018, the completion consideration for the acquisition has been transferred in the escrow account.
The transaction is subject to completion of due diligence, certain financial arrangements and approval from the Russian Federal Anti-Monopoly Service. The transaction is expected to complete in third quarter of 2018. As of October 2, 2018, all the conditions precedent to the transaction have been fulfilled. The final step towards closing the transaction is notification by the Russian authorities that ownership of the Russian subsidiary holding the Malmyzh licenses has been transferred to RCC. As of October 2, 2018, the transaction is expected to close in the next five to ten days. Scotiabank Europe plc acted as financial advisor to IG Copper.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
Russian Copper Company ZAO entered into a share purchase agreement to acquire Malmyzh Copper-Gold Porphyry Project from IG Copper LLC and Freeport-McMoRan Inc. for $200 million.
FREEPORT-MCMORAN INC. 
