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Rio Tinto sells $3.5 billion stake in Grasberg copper mine to Indonesian state miner


(Reuters) - company on Thursday confirmed the sale of its 40 percent stake in the world's second-biggest copper mine, Grasberg, for $3.5 billion to Indonesia's state company PT Inalum.

had a joint venture with Freeport-McMoRan, operator of Grasberg, for a 40 percent share of Grasberg's production above specific levels until 2021 and 40 per cent of all production after 2021.

separately said it will receive $350 million from PT Inalum after the stake sale.

The agreement will give control of the mine and should cap years of wrangling over the rights for the site.

(Reporting by and in Bengaluru; Editing by David Goodman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 18:14 IST