Jakarta: State-owned mining holding company PT Indonesia Asahan Inalum (Inalum) reportedly has completed the payment of US$3.85 billion to acquire a majority stake in the Grasberg copper and gold mine.
The mine currently is operated by PT Freeport Indonesia (PTFI). It is a subsidiary of US-based mining company Freeport McMoran (FCX).
"Inalum has acquired 51.2 percent stake in PT Freeport. It has completed the payment," President Joko "Jokowi" Widodo told a press conference on Friday.
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Grasberg is the largest gold mine and second largest copper mine in the world. It is located on the southern flanks of the Jayawijaya Mountain in the Mimika Regency of the Province of Papua.
"Papua will get 10 percent of PT Freeport's shares. Papua will also collect regional taxes," President Jokowi said.
"The process is finished. Now it is time to work," President Jokowi said.