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Business deals

Indonesia to take control of Freeport's largest gold, copper mine for $3.8bn

Widodo concludes 'tough' negotiations, grants US miner 20-year role in Papua

The open-pit mine of  Freeport's Grasberg copper and gold mine complex in Indonesia   © Reuters

JAKARTA -- State-owned mining holding company Indonesia Asahan Aluminum on Thursday signed an agreement with Freeport-McMoRan that will see it take control of the U.S. miner's local unit for $3.85 billion.

The deal includes Australian miner Rio Tinto's participating interest in Freeport Indonesia's operations at the Grasberg mine in Papua province, one of the world's largest gold and copper pits.

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