Japanese miner JX Nippon plans to sell 5pc of its holdings in Indonesia’s PT Smelting copper smelter to Freeport McMoRan by Apr 30 for an undisclosed amount.
Freeport will own 30pc in the copper smelter once the deal is completed. Mitsubishi Materials and Mitsubishi Corp are the smelter’s other investors with 60.5pc and 9.5pc ownership, respectively.
JX Nippon, a subsidiary of Eneos Holdings in Japan, plans to focus its resources on more important projects, according to media reports on Monday.
PT Smelting’s facility in Indonesia can currently produce 272,155mt of copper cathode annually from its original capacity of 181,436mt.