September 27, 2018 / 10:53 AM / 3 months ago

Freeport, Rio enter binding agreement for Grasberg divestment to Inalum

JAKARTA, Sept 27 (Reuters) - Global mining giants Freeport McMoRan Inc and Rio Tinto on Thursday signed a "definitive" sales purchase agreement for a majority stake in the Grasberg copper mine to be transferred to Indonesia's state mining holding company, Inalum.

"I would like to congratulate Inalum, Rio and FCX, which have just made a share sales purchase agreement," Energy and Mineral Resources Minister Ignasius Jonan told reporters at a press conference after the signing.

Several matters must still be resolved before financial transactions for the share transfer can take place, said Inalum Chief Executive Budi Gunadi Sadikin, also at the press conference.

Sadikin added that he expects the transactions to be completed in November at latest.

Freeport McMoRan Chief Executive Richard Adkerson told reporters that the latest agreement is "definitive" and "binding". (Reporting by Wilda Asmarini and Bernadette Christina Munthe Writing by Fergus Jensen; Editing by Adrian Croft)

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