State-owned miner Inalum said the $3.85 billion deal is still subject to the issue of environmental recommendations and a special mining permit (IUPK) by the Indonesian government.
Grasberg Mining News
Agreements give a majority stake in the giant Grasberg copper and gold mine to a local state-owned firm, becoming the country’s biggest divestment by a foreign resources company.
Freeport reshapes Indonesia business in deal with govt.
The world’s No.2 miner is selling its 40% in the giant Grasberg mine, the world’s second largest copper operation, to Indonesia’s state mining company PT Inalum.
Indonesia has extended an operating permit for Freeport's Grasberg copper-gold mine while discussions over long-term rights continue.
Indonesian minister says majority stake purchase of iconic mine seen valued at $3.5 billion to $4 billion.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
Every year, Freeport-McMoRan Inc. dumps tens of millions of tons of mining waste into the Ajkwa River system in Indonesia. The company has been doing it for decades, and is demanding the right to keep at it for decades to come.
As follow-up to the audit, the environment minister issued two decrees that gave Freeport six months to overhaul management of its mine waste at Grasberg.
There’s a well-thumbed playbook for how deals involving gold mines in the remote jungles of Indonesia are meant to turn out.
Company confirmed is in talks to sell its stake in the world’s second largest copper mine to Indonesia’s Inalum.
The most drawn-out deal in the global mining industry looks set for another round.
Indonesia's state mining holding company expects to reach an agreement soon on bank financing to buy a controlling stake in the local unit of Freeport McMoran Inc.
Freeport's export permit for Grasberg, the world's second-biggest copper mine, is due to expire on Friday, as is Amman's permit to ship ore concentrate from its Batu Hijau mine on the island of Sumbawa.
The world's second-largest copper miner by production also said talks with Indonesia re Grasberg were advancing.
Indonesia state-owned holding Asahan Aluminum, or Inalum, would grab a 41.64% stake in the local unit of Freeport, which increases its current ownership in it to 51%.
Under the new deal, Inalum will seek to acquire London-based Rio Tinto Group’s joint venture interest in Grasberg by March.
After pumping billions into the Indonesian mine for almost 25 years, Rio might be able to see a decent return as the country’s government plans to acquire the miner’s 40% stake in the coveted operation.
The latest violent episode and temporary closure had no impact on production at the world’s second-biggest copper mine.
Indonesia's military said on Friday it was prepared to take tough measures against rebels who have threatened to "destroy" mining operations of Freeport-McMoRan Inc in the eastern province of Papua in their struggle for independence.
Armed separatists have occupied five villages in Indonesia’s Papua province, threatening to disrupt Freeport-McMoRan Inc’s giant Grasberg copper mine, which has already been hit this year by labor unrest and a dispute over operating rights.
Investors ignore positive third quarter results to focus on lack of meaningful progress in talks with Indonesia over future of giant Grasberg mine.
Freeport agreed in August to divest a 51% stake in Grasberg to local interests in return for full operational control until 2041 plus fiscal and legal guarantees, but a final deal has still to be reached.
The company has greed to reduce its stake in the Grasberg mine to 49% in exchange for licenses to operate the massive copper and gold pit until 2041.
Copper above $3.00 after former workers torch dozens of buildings, vehicles at Freeport's Indonesia operations blocking access to world number two mine.