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Indonesia closes $3.85 billion Freeport-McMoRan deal

Staff Writer |
Indonesia's state-owned miner PT Inalum took control of the local unit of Freeport-McMoRan, operator of the world's second-biggest copper mine Grasberg, with the closure of a $3.85 billion deal.

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The landmark deal, which hands Inalum a 51.23 percent stake in PT Freeport Indonesia, ends years of tough and often fractious negotiations over ownership rights to Grasberg as Jakarta pushed for greater control over its mineral wealth.

"Today is a historical moment since Freeport began operating in Indonesia in 1973," a smiling President Joko Widodo told reporters at a press conference.

"Everything has been completed, and now all that's left is the work," he added.

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