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As on: Sep 23, 2018 02:06 AM
Commodities Buzz: Rio Tinto signs Heads of Agreement to sell its interest in Grasberg
12-Jul-18   16:54 Hrs IST

Rio Tinto, PT Indonesia Asahan Aluminium (Persero) (Inalum), and Freeport McMoran Inc. (FCX) have signed a non-binding agreement in relation to the future ownership of the Grasberg mine in Indonesia. The Heads of Agreement details the proposed principal terms for the sale of Rio Tinto's entire interest in Grasberg to Inalum, Indonesia's state mining company, for $3.5 billion.

Separately, the agreement sets out a proposed transaction between FCX and Inalum for the latter to buy an additional stake in Grasberg as well as additional terms relating to the future ownership and operation of Grasberg. All parties have committed to work towards agreeing and signing binding agreements before the end of the second half of 2018. Given the terms that remain to be agreed, there is no certainty that a transaction will be completed. Any final agreements will be subject to approval by the necessary government regulators and authorities.

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