Rio Tinto, PT Indonesia Asahan Aluminium (Inalum) and Freeport-McMoRan (FCX) have signed a non-binding agreement relating to the future ownership of the Grasberg mine in Indonesia. Under the terms of the agreement, Inalum will acquire all of Rio Tinto’s interests associated with its joint venture with PT Freeport Indonesia (PT-FI) and 100% of FCX’s interests in PT Indocopper Investama (PT-II), which owns 9.36% of PT-FI, for $3.85 billion. At closing, Rio Tinto will receive $3.5 billion, and FCX will receive $350 million, in cash proceeds from Inalum
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