State-owned PT Indonesia Asahan Aluminium (PT Inalum) will become a 51% shareholder in Grasberg, the world's second largest copper mine, buying shares from Rio Tinto and Freeport-McMoRan in a deal totaling $3.85 billion, Rio Tinto and Freeport-McMoRan said on Thursday July 12.
Rio Tinto has agreed to sell its 40% stake in Grasberg for $3.5 billion, while Freeport will divest a portion of its interest to be left with 49% ownership of the mine. The transaction is expected to close during the second half of 2018. Materials company Inalum will increase its stake in the Papua-based copper-gold mine from 9.35% to a...