GOLD MINES AND MINING – INDONESIA

Rio nears sale of Grasberg mine stake

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Original article by Matt Chambers
The Australian – Page: 23 : 4-Jul-18

Rio Tinto is believed to have reached agreement on a deal to sell its stake in Indonesia’s Grasberg copper and gold mine to the state-owned Indonesia Asahan Aluminium. The Indonesian Government must still strike a deal with the mine’s operator, Freeport McMoran, as part of its push to take a minimum stake of 51 per cent in the project. Rio Tinto may gain around $US3.5bn from the sale of its interest in the mine, and the proceeds are tipped to be returned to shareholders via a buyback or increased dividend payout.

CORPORATES
RIO TINTO LIMITED – ASX RIO, PT INDONESIA ASAHAN ALUMINIUM PERSERO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG, INDONESIA. DEPT OF STATE-OWNED CORPORATIONS

Rio Tinto Grasberg deal may deliver $4.3bn windfall

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Original article by Matt Chambers
The Australian – Page: 20 : 1-Feb-18

Rio Tinto is scheduled to take up a 40 per cent stake in Indonesia’s Grasberg copper and gold mine in 2022. Rio Tinto has a book value of $US1.15bn on its stake in the mine, but Paul Young of Deutsche Bank suggests that its stake could potentially fetch up to $US3.5bn ($A4.3bn) if the Indonesian Government pays market value. Meanwhile, the Centre for Research on Multinational Corporations will shortly release a report on Rio Tinto’s tax payments associated with the Oyu Tolgoi copper and gold mine in Mongolia.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DEUTSCHE BANK AG, CENTRE FOR RESEARCH ON MULTINATIONAL CORPORATIONS, OYU TOLGOI LLC, CREDIT SUISSE (AUSTRALIA) LIMITED, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED

Rio Tinto hit with more delay for Indo copper

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 18 : 6-Feb-17

Freeport-McMoran has advised that Rio Tinto’s share of production from the Grasberg copper and gold mine is unlikely to increase until at least 2023. Rio was slated to receive 40 per cent of the Indonesian mine’s output from 2021 under an agreement between the two companies, but Freeport has attributed the expected delay to factors such as a series of interruptions to production at the mine in the last several years. Meanwhile, Rio is forecast to post EBITDA of $US13bn and revenue of $US34.3bn for calendar 2016.

CORPORATES
RIO TINTO LIMITED – ASX RIO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, CREDIT SUISSE (AUSTRALIA) LIMITED, BLOOMBERG LP