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Indonesia to pay $3.85 billion for majority stake in Freeport's Grasberg copper mine

Reuters  |  JAKARTA 

By Wilda Asmarini and Bernadette Christina MuntheJAKARTA (Reuters) - Indonesia struck an agreement on Thursday with Freeport-McMoRan Inc and Rio Tinto to buy a controlling stake in the world's second-biggest copper mine via a series of transactions valued at $3.85 billion.The deal should cap more than six years of wrangling over the rights for the Grasberg mine, located in the country's eastern province of Papua, as Jakarta seeks to gain greater control over its mineral wealth. "It's a new day for Freeport, and a new day for our working with the government," Freeport Chief Executive Officer ...

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First Published: Thu, July 12 2018. 21:42 IST