Rio Tinto (ASX, LON, NYSE: RIO), the world's 2nd largest miner, has announced that it is ready to sell its participation in the giant Grasberg mine, the world's largest gold mine, to Indonesian state-owned mining holding Inalum for $3.5 billion.
This decision could mark the end of a long tripartite dispute over the mine, which focused on increasing Grasberg's national ownership to 51%, an essential condition set by the Indonesian government to enable Freeport-McMoRan (NYSE:FCX) to continue operating in the country.
Talks with PT Indonesia Asahan Aluminium, known as Inalum, and Freeport - the other two firms involved in talks - were ongoing, according to Rio, "including with regard to prices," noting that no agreement had been concluded...
Source:mining.com