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Indonesia plans to acquire Rio Tinto interest in Freeport Indonesia mine

Reuters  |  JAKARTA 

By Wilda AsmariniJAKARTA (Reuters) - Indonesia plans to acquire Rio Tinto's 40 percent participating interest in the giant Grasberg copper mine operated by the local unit of Freeport-McMoRan Inc, the mining minister said.Under a joint venture formed in 1996, Rio has a 40 percent interest in Freeport's Grasberg contract, which entitles them to 40 percent of production above specific levels until 2021 and 40 percent of all production after 2022. Under a framework agreement announced in August, Phoenix, Arizona-based Freeport said it would divest 51 percent of PT Freeport Indonesia to the ...

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First Published: Tue, December 05 2017. 16:03 IST