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State-owned Inalum will pay that amount for a 51% stake, increasing the nation’s holding from just over 9 percent, in a three-way pact that also sees Rio Tinto Group cash out on its economic interest in the mine for $3.5 billion.
Indonesia’s Energy and Mineral Resources Ministry will seek bids for as many as 40 oil and gas blocks this week.
Freeport will have to sell 41.64% of its stake in the copper and gold mine.
Indonesia, a former OPEC member, is seeking to reverse a decline in energy investments.