Rio Tinto Completes Sale of Grasberg Interest

Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) has completed the sale of its entire interest in the Grasberg mine in Indonesia for $ 3.5 billion, as part of a series of transactions involving Inalum (PT Indonesia Asahan Aluminium (Persero)), Indonesia’s state mining company, and Freeport McMoRan (NYSE:FCX).

The binding agreement was announced on 28 September 2018 and was subject to a number of conditions precedent, including the receipt of regulatory approvals, which have now been satisfied.

Rio CEO J-S Jacques said:

“This sale brings the total divestment proceeds received across the last two years to over $ 11 billion as we continue to strengthen the portfolio. Over that same period, we have returned or announced an intention to return over $ 18 billion to our shareholders, demonstrating our disciplined approach to capital allocation and commitment to continuing to deliver sector leading returns.”

Click here to read the full Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) press release.

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