Indonesia plans news conference on $3.9bn Freeport copper mine deal
JAKARTA – Indonesia's Energy Ministry plans to hold a ceremony on Thursday linked to a $3.9-billion share purchase deal involving Freeport McMoRan, Rio Tinto and state miner Inalum, it said in a document.
The exact purpose of the ceremony, taking place at 4 p.m. Jakarta time (09:00 GMT), was unclear. A spokesman for Inalum said via text message that it would be followed by a news conference.
US mining giant Freeport in July agreed on a price and structure for the sale of a majority stake in the world's second-biggest copper mine to the Indonesian government, potentially paving the way to ending a long-running dispute over mining rights in the country.
Rio holds a 40%participating interest in the Grasberg mine.
"We're moving toward a good direction and are trying to close the deal as soon as possible," said Freeport Indonesia Executive Vice President Tony Wenas.
"Hopefully it will be done this year - to close the whole deal."
Wenas later added that "this afternoon there will be a milestone again that we've reached with the government". He did not give further details.
Various ministers have been invited to ceremony on Thursday.
The ownership divestment of Grasberg is one of the steps Freeport must take as it transfers rights to the mine from its current operating contract to special mining rights.
An official at Rio Tinto Indonesia declined to comment.
A spokesman for Inalum deferred questions on the matter to the energy ministry.
An energy ministry spokesman declined to comment on the matter.
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