Freeport McMoran : Rio Tinto not expected to relinquish interest in Freeport Indonesia copper mine until 2022 - government official
December 15, 2017 at 06:35 am
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JAKARTA (Reuters) - Rio Tinto (>> Rio Tinto Limited) (>> Rio Tinto) is not expected until 2022 to relinquish its interest in the giant Grasberg copper mine in Indonesia operated by the local unit of Freeport McMoRan Inc (>> Freeport-McMoran), a government official said on Friday.
JAKARTA (Reuters) - Rio Tinto (>> Rio Tinto Limited)(>> Rio Tinto) is not expected until 2022 to relinquish its interest in the giant Grasberg copper mine in Indonesia operated by the local unit of Freeport McMoRan Inc (>> Freeport-McMoran), a government official said on Friday.
"In 2022 it will automatically convert to a shareholding," the official said, referring to Rio's 40 percent participating interest in Grasberg under a joint venture with PT Freeport Indonesia.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).