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first_imgJAKARTA, Indonesia — Indonesia has finalized transfer of majority control over giant gold and copper mine from Freeport-McMoRan.President Joko Widodo on Friday announced the landmark deal worth $3.85 billion to take over a 51.2 per cent stake in PT Freeport Indonesia from the U.S. company has been completed by PT Inalum, a state-owned mining company.The two sides have been on a collision course since a presidential regulation in 2012 imposed a limit of 49 per cent on foreign ownership of companies issued new mining licenses. Foreign investors with ownership greater than 49 per cent were required to sell shares to state-owned enterprises or privately owned Indonesian companies.Freeport-McMoRan initially owns 90 per cent of the Grasberg mine since it began operating in Indonesia’s easternmost Papua in 1973. The rest is owned by the Indonesian government.The Associated Presslast_img

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