Freeport-McMoRan (FCX) has completed sale of its cobalt refinery in Kokkola, Finland, and related cobalt cathode precursor business to Umicore for approximately $200 million in cash, including approximately $50 million of working capital. Under the terms of the agreement, FCX separated its cobalt business and Umicore acquired the refinery and cathode precursor business, which represents approximately 60% of the refinery’s historical revenues.

FCX and its partners will retain Freeport Cobalt’s remaining cobalt business with operations in Kokkola and sales offices in the U.S., Europe and Asia. The retained cobalt business is a leading global producer of cobalt fine powders, chemicals, catalyst, ceramics and pigments.

Lundin Mining Corp. is entitled to receive 30% of the proceeds of the transaction.

FCX expects to record an approximate $60 million gain on the transaction.