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Published on 12/07/2018 4:28:02 PM | Source: Reuters

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

Posted in Top Stories| #World Market

Mining company Rio Tinto on Thursday announced 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.

(Reporting by Susan Mathew in Bengaluru; Editing by David Goodman)