Indonesia will take a controlling stake in one of the world’s biggest gold and copper mines for $3.85 billion, the government said Thursday, as it moves to claw back control of the country’s vast natural resources. The agreement requires US-based Freeport-McMoRan to cede its ownership stake, but it will keep operating the huge complex in the jungles of Indonesia’s Papua province, officials said. Anglo-Australian mining giant Rio Tinto is also selling its interest in the mine as part of an agreement that the government said it hopes to finalise before the end of the year.
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July 25, 2018