Volume 91 Issue 4 | p. 16 | Concentrates
Issue Date: January 28, 2013

OM Group To Divest Cobalt Assets

Department: Business
Keywords: divestiture, commodities, cobalt

OM Group has signed a definitive agreement to sell its cobalt refinery in Kokkola, Finland, to a joint venture led by Freeport-McMoRan Copper & Gold for up to $435 million. OM says the sale, expected to close by the end of April, is part of a strategy to exit legacy commodity businesses. Cobalt is used to make a variety of chemicals, pigments, and battery materials. Freeport-McMoRan will own a 54% stake in . . .

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