Freeport-McMoRan Inc. has agreed to sell its majority stake in the Tenke copper project in the Democratic Republic of Congo to China Molybdenum Co. Ltd. for $2.65 billion in cash, reducing the U.S. miner’s debt and handing the Chinese company one of the world’s prized copper assets.
The deal is a vote of confidence in copper, which many consider a bright spot among base metals.
LME Sells Voice-Brokered Steel Scrap Contract
The London Metal Exchange has recorded the first voice-brokered trade of its LME Steel Scrap contract. The trade was executed on May 4 by INTL FCStone Ltd. on behalf of Stemcor.
The new additions to the LME’s ferrous suite — LME Steel Scrap and LME Steel Rebar — have seen considerable support from the market since their launch in November 2015. 35,990 metric tons (3,599 lots) of scrap and 9,600 mt (960 lots) of rebar have been traded since the contracts launched.
A new single-trade record of 1,000 mt (100 lots) of scrap was set in last Wednesday’s voice-brokered trade. The new cash-settled futures contracts can be traded monthly out to 15 months and have a lot size of 10 mt.