Freeport-McMoRan Inc. (FCX), headquarterd in Phoenix, recently said it completed the indirect sale of its 70 percent interest in TF Holdings Limited (TFHL) to China Molybdenum Co. Ltd. for $2.65 billion in cash.

TFHL is a Bermuda holding company that indirectly owns 80 percent interest in Tenke Fungurume Mining in the Democratic Republic of Congo. FCX held a 70 percent interest in TFHL and effectively a 56 percent interest in Tenke.

FCX plans to use proceeds of the sale to repay indebtedness and borrowings under its unsecured bank term loan.

Under the terms of the agreement, FCX may also receive contingent consideration of up to $120 million in cash.

FCX, based in Phoenix, is the world's largest publicly traded producer of copper.