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OM Group sells cobalt business for $435 million

5:42 AM MST | January 25, 2013 | —Natasha Alperowicz and Vincent Valk

Scaminace: Deal is a ‘major step’ for OM Group. OM Group said last week that it signed an agreement to sell its advanced materials business, a leading producer of inorganic products using unrefined cobalt and other metals. The divestment to a joint venture among Freeport-McMoRan Copper & Gold, Canada’s Lundin Mining, and Congo’s state-owned mining group La Générale des Carrières et des Mines (Gécamines) is a major step in OM Group’s evolution away from commodity-oriented businesses, the company says...

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