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RIO.AX, the global miner, confirmed on Wednesday that it was selling its rights to the world's second largest copper mine, Grasberg, to Inalum, a state-owned mining holding company in Indonesia.
Rio confirmed that the company was discussing with Inalum and the Freeport Indonesia in Indonesia, including prices, and said there were reports that the price might be at $3 billion 500 million.
Rio said in a statement that no agreement has been reached yet, and it is not certain whether a binding agreement can be reached.
Grasberg is owned and operated by the free port of Indonesia. Rio and free port set up a joint venture, which stipulates that Rio can be divided 40% out of a specific level of output by 2021, and all the output Rio can be divided by 40% after 2012.


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