Rio Tinto Confirms Talks With Inalum, Freeport On Grasberg Mine Sale

(RTTNews) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) noted reports of the potential purchase by PT Indonesia Asahan Aluminium ("Inalum") of Rio Tinto's entire interest in the Grasberg mine in Indonesia for $3.5 billion. Rio Tinto confirmed that discussions between the company, Inalum and Freeport are ongoing, including as to price. No agreement has been reached, and there is no certainty that binding agreements will be signed.

Earlier today, Bloomberg reported that Rio Tinto Group was ready to accept a $3.5 billion deal with Indonesia for its interest in the giant Grasberg copper and gold mine.

A deal for Rio's exit still depends on Freeport-McMoRan Inc. striking an agreement to transfer some of its stake to a local firm, the report said citing people familiar with the matter. No deal has been signed and an agreement may still not be reached.