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Report: MMG in talks to buy Freeport's 56% stake in Tenke Fungurume copper mine

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Report: MMG in talks to buy Freeport's 56% stake in Tenke Fungurume copper mine

ChinaMinmetals Corp. unit MMG Ltd. is in the running, along with other potentialbuyers, to acquire a majority stake in Freeport-McMoRan Inc. Tenke Fungurume copper asset in the DemocraticRepublic of the Congo, Bloomberg News reported on May 8, citing unnamedsources.

Freeport is eyeing the sale of its 56% stake in the asset, whichmay fetch it more than US$2 billion.

The report said talks were ongoing but there was noguarantee a deal would be reached.

Freeport confirmed it was in "advanceddiscussions" to sell an interest in some of its assets to reduce debt, butdeclined to be more specific.

MMG did not comment, according to the report.

The remaining interest in the mine is owned by , which has a24% interest, and Gecamines SARL,which owns 20%.