(Bloomberg) --

China Molybdenum Co. Ltd. said it bought a 95% stake in a company which owns a copper cobalt ore project that will be developed in Congo.

The company acquired the holdings in Phelps Dodge Congo through purchases of two other companies from Freeport-McMoRan for $550 million, according to a statement to the Shanghai Stock Exchange.

The ore project is estimated to have around 365 million tons of ore, according to the statement. The acquisition, which was completed Dec. 11, gives China Molybdenum 95% rights and interests in the project.

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