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Freeport-McMoRan Inc. Completes Sale of Portion of Cobalt Business to Umicore

PHOENIX, AZ, Dec 2, 2019 —Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
completed the previously announced sale of its cobalt refinery in Kokkola, Finland and related cobalt cathode
precursor business to Umicore for total cash consideration of approximately $200 million, including approximately
$50 million of working capital.

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