Indonesia takes majority stake in massive Grasberg mine

Indonesia on Friday finalised a $3.8 billion deal with US mining giant Freeport-McMoRan to take a 51 percent stake in the giant Grasberg mine, the president said. The announcement finally brings an end to a fierce standoff between Freeport and the government over rights to one of the world's biggest gold and copper mines. Indonesian state-owned mining firm Inalum will get the majority interest in the Grasberg mine, from just under 10 percent now, the company said in a statement.

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