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

Reuters - UK Focus

July 12 (Reuters) - Mining company Rio Tinto (Hanover: CRA1.HA - news) 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.

(Reporting by Susan Mathew in Bengaluru Editing by David Goodman)