Indonesia strikes $3.85 billion deal to buy majority stake in Freeport mine
The agreement will give Indonesia control of the Grasberg mine, the world’s second-biggest copper mine, and should cap years of wrangling over the mining rights for the site. Last August, the two sides agreed to let Freeport keep operating the mine while ceding control.
Indonesia’s State-Owned Enterprises Minister Rini Soemarno said on Thursday state mining company PT Inalum will pay $3.85 billion to acquire a majority stake in the local unit of Freeport-McMoRan.
She made the comments after Inalum and Freeport signed a heads of agreement that will give Indonesia control of the Grasberg mine, the world’s second-biggest copper mine. ■