Rio Tinto: sells stake in Indonesian copper mine
(CercleFinance.com) - Rio Tinto has signed a binding agreement to sell its entire interest in the Grasberg mine in Indonesia to Indonesia's state mining company, Inalum, for 3.
5 billion dollars in cash.
Separately, Inalum has signed a binding agreement with another mining giant, Freeport McMoRan, in relation to the future ownership and operation of the mine.
The Grasberg mine is currently owned by Freeport McMoRan, which has a 90.6% stake, and the Government of Indonesia, which has the remaining 9.4%, although since 1996 Rio Tinto has a right on production.
Both deals are expected to be completed in the first half of 2019.
Rio Tinto said that the proceeds from the sale will be used for general corporate purposes.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 billion dollars in cash.
Separately, Inalum has signed a binding agreement with another mining giant, Freeport McMoRan, in relation to the future ownership and operation of the mine.
The Grasberg mine is currently owned by Freeport McMoRan, which has a 90.6% stake, and the Government of Indonesia, which has the remaining 9.4%, although since 1996 Rio Tinto has a right on production.
Both deals are expected to be completed in the first half of 2019.
Rio Tinto said that the proceeds from the sale will be used for general corporate purposes.
Copyright (c) 2018 CercleFinance.com. All rights reserved.