COPPER
Indonesia on Thursday struck an agreement with Freeport-McMoRan and Rio Tinto to buy a controlling stake in the world's second-biggest copper mine via a series of transactions valued at $3.85-billion.
The heads of agreement establishes a structure for Indonesia, through its state-owned mining holding company PT Inalum, to gain control of the Grasberg mine located in the country's eastern province of Papua. The deal should cap years of wrangling over the rights for the site as Jakarta seeks to gain greater control over its mineral wealth.
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