Majority stake: A file picture showing trucks parked at the Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia. Inalum is set to end up with a 51 stake from just over 9. — Reuters
JAKARTA: Indonesia has struck an “initial agreement” to take majority ownership of Freeport-McMoRan Inc’s giant Grasberg copper and gold mine, according to President Joko Widodo.
State-owned PT Indonesia Asahan Aluminium, also known as Inalum, will end up with a 51% stake, increasing the nation’s holding from just over 9%, Widodo said. He didn’t give details or a price for the transaction – which also involves an economic interest in the mine held by Rio Tinto Group – except to say that ministers would announce the value later. Indonesian officials had said earlier this month that the deal would be worth close to US$4bil.
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