- Write by:
-
Tuesday, October 2, 2018 - 12:38:11 PM
-
777 Visit
-
Print
Mining News Pro - After 50 years as an open pit, the Grasberg mine is transitioning into the wold’s largest underground mine with a production rate of 240,000 t/d by 2023. (Image: Freeport McMoRan)
According to Mining News Pro -INDONESIA – British-based Rio Tinto has signed a binding agreement for the sale of its interest in the Grasberg copper-gold mine in Papua state. PT Indonesia Asahan Aluminium (Persero) (a.k.a. Inalum), the country’s state run mining company, is buying into the project.
Rio Tinto will pocket $3.5 billion for its 40% share of all underground block caving production above specific levels until 2021 and a 40% of all production thereafter.
The project is about 90% owned by Freeport McMoRan, but the Indonesian government wants to boost local control to 51%. A further agreement was signed between Inalum and Freeport. This transaction is inter-conditional and subject to a number of conditions precedent being satisfied, including the receipt of regulatory approvals. Subject to these conditions being met, completion of both transactions is expected to occur in the first half of 2019.
- Rio Tinto ,
- Source: http://www.canadianminingjournal.com
Short Link:
https://www.miningnews.ir/En/News/273014
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
The Biden administration is considering banning imports of enriched Russian uranium using executive authority as ...
Ucore Rate Metals (TSXV: UCU) has deemed a 26-tonne sample of mixed rare earth carbonate (MREC) from the Wicheeda mine ...
No comments have been posted yet ...