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Freeport to sell stake in unit controlling Tenke copper project

May 9 (Reuters) - Freeport-McMoRan Inc said on Monday it would sell its 70 percent stake in a unit controlling the Tenke copper project in the Democratic Republic of Congo to China Molybdenum Co Ltd (CMOC) for $2.65 billion in cash.

Freeport will also get up to $120 million contingent on copper and cobalt prices.

The U.S. miner owns 70 percent of TF Holdings Ltd, a Bermuda holding company that indirectly owns an 80 percent interest in Tenke Fungurume Mining SA.

Freeport has an effective 56 percent interest in the Tenke project, one of the world’s largest copper-cobalt deposits. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Shounak Dasgupta)

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