Indonesia has announced the end of negotiations over the control of the Freeport-McMoran mine

The Indonesian government has announced that it will be able to finalize a much-awaited agreement this week, in which a local company will take majority control of the country's largest copper mine. the largest publicly traded company in the world. Freeport-McMoran

An Indonesian Ministry of Public Enterprise official told local media in Jakarta this weekend that talks were over and that an agreement could be signed this week for a transfer of control of the company. 39, huge mine of Grasberg Freeport. and its partner Rio Tinto to the Indonesian public resource group Inalum

Freeport has been tasked to sell a portion of Grasberg to local investors to meet the government property requirements of at least 51 percent of the capital. active. However, negotiations between Freeport, Rio Tinto and Inalum lasted much longer than expected

Freeport currently controls 91% of Grasberg, the rest belonging to the Indonesian government. The sealing of the agreement will help advance a multi-billion dollar underground expansion of the mine, which was suspended during the negotiations. Grasberg is the second largest copper mine in the world.