Rio Tinto to Sell Interest in Grasberg Mine to Inalum for $3.5 Billion
September 28 2018 - 7:01AM
Dow Jones News
By Carlo Martuscelli
Rio Tinto PLC (RIO.LN) said Friday that it will sell its
interest in the Grasberg mine to PT Indonesia Asahan Aluminium, or
Inalum, for $3.5 billion.
The miner said that if all conditions for the deal are met it
expects the transaction to close in the first half of 2019. Rio
Tinto's sale is dependent on a separate deal that mine-owner
Freeport-McMoRan Inc. (FCX) made with Inalum going through.
Rio Tinto said it will use the proceeds of the sale for general
corporate purposes. It currently holds rights to 40% of the
Indonesian mine's production above a certain level.
Grasberg is currently owned by Freeport-McMoRan, which holds a
90.64% interest in the mine, with the remainder held by the
government of Indonesia.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
September 28, 2018 06:46 ET (10:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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