Rio Tinto Confirms Discussions on Grasberg

Rio Tinto (ASX:RIO) has released confirmation that it is in discussions with PT Indonesia Asahan Aluminium (Inalum) and Freeport McMoRan on the sale of it’s share in the Grasberg copper-gold mine in Indonesia.

Rio Tinto has a joint venture with Freeport for a 40 per cent share of production above specific levels until 2021, and 40 per cent of all production after 2021.

As quoted in the press release:

Rio Tinto confirms that discussions between Rio Tinto, Inalum and Freeport are ongoing, including as to price. No agreement has been reached, and there is no certainty that binding agreements will be signed.

Click here to view the full Rio Tinto (ASX:RIO) press release.