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Industry News

  • January 2019
    • IDX LISTINGS FOR EXPLORATION COMPANIES – A PROPOSED MOVE IN THE RIGHT DIRECTION
    • Freeport To Pay Indonesia $32m For Illegal Forest Use – State Auditor
    • BlackGold: Sentencing of Consultant in Bribery Case Not Expected to Impact Group Operations
    • China’s Thermal Coal Imports Fall to 16-Month Low
    • Coal Demand Seen Steady Through 2023 Thanks to India and China — IEA
    • Coal Mining Update: Contract Extension Relaxation, Price Pressures & Government Dilemma
    • Freeport to Focus on Developing Smelter, Underground Mine
    • Government Defends Freeport Deal Amid Criticism
    • Indonesia Coal Output Seen Nearly 500 million T in 2019: Industry Body
    • Indonesia’s Mining Industry Headed Nowhere Fast
    • Indonesia’s Silkroad Nickel Signs $291.71m Nickel Ore Offtake Deal
    • Indonesian Coal Miners Diversify Into Renewables
    • KPK Urges Govt to Form Mining Task Force
    • Metal Prices to Depend on US-China Trade Relations, Chinese Growth
    • Pongkor Mine, First Underground Museum in Indonesia
    • Progress in Smelter Construction by Three Mining Companies Slow
    • World’s Biggest Gold Mine Nationalized in Indonesia

Rio Tinto Edges Closer To Grasberg Deal

Rio Tinto has confirmed that PT Indonesia Asahan Aluminium (Inalum) is interested in buying its share in the Grasberg copper-gold mine in Indonesia. Media reports have suggested that Rio Tinto is ready to accept a $3.5 billion deal for its interest in the Grasberg operation. “No agreement has been reached, and there is no certainty that binding agreements will be signed,” Rio Tinto stated.

Rio Tinto today confirmed that discussions with Inalum and owner-operator Freeport-McMoRan are ongoing, including the price of the deal.

“No agreement has been reached, and there is no certainty that binding agreements will be signed,” Rio Tinto stated.

Rio Tinto has a joint venture arrangement at Grasberg for a 40 per cent share of production above a certain level until 2021, and 40 per cent of all production after 2021.

Grasberg, which is in the Papua province of Indonesia, is recognised as one of the world’s largest copper-gold mines in terms of reserves and production.

Source:  Ben Creagh / Australian Mining

23 May 2018

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