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Rio Tinto to continue talks on Grasberg mine stake future
April 12, 2017 / 12:25 PM / 8 months ago

Rio Tinto to continue talks on Grasberg mine stake future

April 12 (Reuters) - Diversified miner Rio Tinto Plc reiterated its decision to continue discussions regarding the future of its stake in the Grasberg mine in Indonesia.

“There is no doubt that Grasberg is a world-class resource. However, there’s a difference between a world class resource and a world class business,” Chief Executive Jean-Sebastien Jacques said on Wednesday, responding to a shareholder at the company’s annual general meeting in London.

Rio Tinto has a joint-venture with Freeport-McMoRan Inc for the huge Grasberg copper and gold complex in remote Papua, with right to 40 percent of production above specific levels until 2021 and 40 percent of all production after 2021. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sriraj Kalluvila)

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