Freeport-McMoRan Inc. has completed the sale of its interests in the Kisanfu undeveloped project in the Democratic Republic of the Congo to a wholly owned subsidiary of China Molybdenum Co. Ltd. (CMOC) for $550 million.

The Kisanfu project is a large, undeveloped cobalt and copper resource discovered by Freeport’s exploration team. Following Freeport’s sale of its interest in the adjacent Tenke Fungurume mine in 2016, the company said the Kisanfu project was no longer strategic to its long-term strategy.

As of December 31, 2019, Freeport had no proven and probable reserves associated with the Kisanfu project. FCX expects to record an after-tax gain of approximately $350 million in the fourth quarter of 2020 associated with this sale.