After years of negotiations, the future ownership of the Grasberg copper and gold mine has finally been determined, and it's a win-win outcome.
Earlier on Thursday July 12, Rio Tinto and Freeport-McMoRan announced they had reached an agreement with the government of Indonesia that would eventually result in the latter's ownership of Grasberg increasing to 51%. Technically, the deal has been agreed with PT Indonesia Asahan Aluminium (Inalum), an Indonesian state-owned enterprise, and provincial and local government. Holding a majority stake in the giant mine is a prerequisite that the government has refused to budge on for months, and has formed part of the complex negotiations being held since 2009 between the various parties over their...