Freeport to Give up Majority Stake in Grasberg Mine

Published: Aug 30, 2017 11:34

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Freeport-McMoRan Inc. said it will give up its majority stake in the Grasberg copper and gold mine to end a long-running dispute with Indonesia.

SHANGHAI, Aug. 30 (SMM) - Freeport-McMoRan Inc. said it will give up its majority stake in the Grasberg copper and gold mine to end a long-running dispute with Indonesia.

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Freeport-McMoRan agreed to transfer to Indonesia a 51 percent stake in Grasberg, cutting its ownership to 49% from 90.64%.

Freeport-McMoRan also agreed to build smelters in Indonesia, a goal of the country to increase value-added wealth from its mineral resources.

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