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Australia Investing
Rio Tinto Completes Sale of Grasberg Interest
Dec. 21, 2018 10:38AM PST
The binding agreement was announced on 28 September 2018 and was subject to a number of conditions precedent, including the receipt of regulatory approvals, which have now been satisfied.
Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) has completed the sale of its entire interest in the Grasberg mine in Indonesia for $3.5 billion, as part of a series of transactions involving Inalum (PT Indonesia Asahan Aluminium (Persero)), Indonesia’s state mining company, and Freeport McMoRan (NYSE:FCX).
The binding agreement was announced on 28 September 2018 and was subject to a number of conditions precedent, including the receipt of regulatory approvals, which have now been satisfied.
Rio CEO J-S Jacques said:
“This sale brings the total divestment proceeds received across the last two years to over $11 billion as we continue to strengthen the portfolio. Over that same period, we have returned or announced an intention to return over $18 billion to our shareholders, demonstrating our disciplined approach to capital allocation and commitment to continuing to deliver sector leading returns.”
Click here to read the full Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) press release.
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Scott has a Master's Degree in journalism from the University of Melbourne and reports on the resources industry for INN.
Scott has experience working in regional and small-town newsrooms in Australia. With a background in history and politics, he's interested in international politics and development and how the resources industry plays a role in the future.
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Scott has a Master's Degree in journalism from the University of Melbourne and reports on the resources industry for INN.
Scott has experience working in regional and small-town newsrooms in Australia. With a background in history and politics, he's interested in international politics and development and how the resources industry plays a role in the future.
Learn about our editorial policies.