SMM6, March 28: Freeport (Freeport McMoRan) and Rio Tinto Mining Group have agreed financial terms with Indonesia to increase the country's Asahan aluminum stake in the Glasberg (Grasberg) copper and gold complex. Budi Gunadi Sadikin, chief executive of (Inalum), Indonesia's state-owned Asahan aluminium company, said talks with Rio Tinto had been completed and that talks on Freeport were about to finalise terms, a deal that could be completed as early as next week.
Sadikin said Freeport and Inalum were still finalizing provisions on how to stabilise their finances, what mode of operation they would adopt in the future, the legacy of the historical environment and the construction of a new copper smelter. "it is very reasonable for Freeport to continue to be involved in the operation of the mine," Sadikin said. Freeport's current operations have been dependent on a temporary mining licence, which expires on July 4.
Cao Yuuqin, (SMM) of Shanghai Colored Network, translated from extranet
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