Indonesia closes US$3.85 billion Freeport deal, giving it majority stake in huge copper mine

Indonesia’s state-owned miner PT Inalum on Friday took control of the local unit of Freeport-McMoRan Inc, operator of the world’s second-biggest copper mine Grasberg, with the closure of a US$3.85 billion deal.
The landmark deal, which hands Inalum a 51.23 per cent stake in PT Freeport Indonesia, ends years of tough and often fractious negotiations over ownership rights to Grasberg as Jakarta pushed for greater control over its mineral wealth.
“Today is a historical moment…