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


(Reuters) - Mining company Rio Tinto 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 mining company PT Inalum.Rio Tinto 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.Freeport-McMoRan separately said it will receive $350 million from PT Inalum after the stake sale. The agreement will give Indonesia control of the mine and should cap years of wrangling ...

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