Freeport, Rio sell majority stake in Grasberg mine to Indonesia for $3.85b

Freeport, Rio sell majority stake in Grasberg mine to Indonesia for $3.85b

FILE PHOTO: Vehicles used for transporting workers to the Grasberg copper mine operated by Freeport McMoRan Inc are seen at the Gorong-Gorong terminal in Timika, Mimika, Papua province, Indonesia on November 16, 2017. REUTERS/Muhammad Yamin/File Photo

Global mining giants Freeport McMoRan Inc and Rio Tinto have struck a binding accord to sell a majority stake in the world’s second-biggest copper mine, Grasberg, to Indonesia’s state mining company, Inalum for $3.85 billion.

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