Major molybdenum firm in DRC purchase

China Molybdenum Co, the country's largest producer of the chemical element, has agreed to buy a copper mine in the Democratic Republic of Congo from Phoenix-based Freeport-McMoRan Inc for $2.65 billion, as the US firm reduces debt racked up in the commodities boom.

The deal involves taking over Freeport's indirect 56 percent stake in the Tenke Fungurume mine, which also produces cobalt, via a 70 percent interest in TF Holdings Ltd, Freeport said in statement on Monday.

The two companies have also agreed to negotiate the sale of its interests in other cobalt assets.