Rio Tinto sells $3.5 billion stake in Grasberg copper mine to Indonesian state miner

(Reuters) - Mining company Rio Tinto on Thursday announced the sale of its 40 percent stake in the world’s second-biggest copper mine, Grasberg, for $3.5 billion to Indonesia’s state mining company PT Inalum.

Rio Tinto had a joint venture with Freeport-McMoRan, operator of Grasberg, for a 40 percent share of Grasberg’s production above specific levels until 2021 and 40 per cent of all production after 2021.