Freeport-McMoRan sold a port of its cobalt unit to Umicore.

Freeport-McMoRan, a mining company based in the Freeport-McMoRan Center, in Phoenix, sold a port of its cobalt unit to Umicore, a multinational materials technology company headquartered in Brussels. Under the terms of the agreement, FCX will separate its cobalt business prior to completing the transaction. Umicore will acquire the refinery and cathode precursor business, which represents approximately 60% of the refinery’s historical revenues. Financial terms were not disclosed.