Mining major Rio Tinto has confirmed that it has signed a binding agreement to divest of its interest in the Grasberg mine, in Indonesia. In terms of the divestment agreement announced last week, State-owned enterprise PT Indonesia Asahan Aluminium (Inalum) will acquire all of Rio Tinto’s interest in the Grasberg joint venture (JV) company PT Freeport Indonesia (PT-FI) and 100% of Arizona-based Freeport-McMoRan’s interest in PT Indocopper Investama, which owns 9.36% of PT-FI.
