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May 12, 2016
WASHINGTON, DC — Covington advised China Molybdenum Co., Ltd (“CMOC”) on certain aspects of its agreement to acquire Freeport-McMoRan Inc.’s indirect 56% Interest in Tenke Fungurume for $2.65 billion in cash plus contingent consideration of up to $120 million.
CMOC is primarily engaged in the mining, processing and marketing of mineral products. The acquisition of Tenke Fungurume adds a world-class producing copper-cobalt mine to CMOC’s portfolio. This also establishes CMOC as a leading copper producer and one of the largest cobalt producers globally.
Tenke Fungurume is a producing copper-cobalt mine located in the Democratic Republic of Congo within the prolific Central African Copperbelt. The Tenke mine's copper-cobalt deposits are believed to be one of the world's largest known copper-cobalt resources.
The Covington team advising CMOC on the deal included senior international advisor and head of the firm’s Africa initiative Witney Schneidman as well as senior international advisors Earl Gast and Alan Larson. Also advising on the deal was partner Steven Fagell, with associates Adele Faure, Mipe Okunseinde, Adam Studner and Khadijah Robinson.