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U.
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mining giant Freeport-McMoRan announced on May 9 that it has agreed to sell a controlling stake in Tenke Fungurume, Congo's largest copper-cobalt mine, to Luoyang Luanchuan Molybdenum Group Co.
, Ltd.
("Molybdenum Group") for $2.
65 billion in cash
.
It was the second major M&A deal in less than two weeks, which announced late last month the acquisition of Anglo American's niobium and phosphate assets
in Brazil for $1.
5 billion.
It is also the world's largest copper deal
since Glencore sold the Las Bambas copper mine in Peru for $6 billion in 2014.
The deal brings the total number of overseas M&A deals announced by Chinese companies so far this year to about $100 billion, close to the $104 billion
in all of last year.
Freeport said on Monday that under the terms of the deal, Lomolybdenum would pay an additional $60 million if the average copper price exceeded $3.
50 per pound between 2018 and 2019, as well as if
the average cobalt price exceeded $20 per pound.
