Agreements give a majority stake in the giant Grasberg copper and gold mine to a local state-owned firm, becoming the country’s biggest divestment by a foreign resources company.
Two major shareholders of Brazilian mining company Vale SA are likely to reach an agreement on Wednesday to pay 2.82 billion reais ($692 million) to Eletron to settle a dispute over Vale shares.
The illegal action saw a group of locals spend seven days blocking the only access to the mine in protest for what they call “repetitive abuse” to community members and increasing pollution of their land and only water source.
China's top copper smelters have set their floor treatment and refining charges (TC/RCs) for the fourth quarter at $90 per tonne and 9 cents per pound.