Indonesia Moves Closer to Taking Controlling Stake in Freeport Copper Mine

Global mining giants Freeport-McMoRan Inc. and Rio Tinto PLC have agreed to hand over control of the world’s second-biggest copper mine to Indonesia, moving closer to resolving one of the world’s most prominent recent battles over resource wealth, The Wall Street Journal reported. Thursday’s agreement comes after years of tense negotiations and follows moves by governments around the world, from the Democratic Republic of Congo to Tanzania, to wrest control of mines and take a bigger cut of profits. The deal also illustrates the dilemma facing large mining companies, which often sink billions of dollars into projects in far-flung places only to face unpredictable laws and yearslong battles. Freeport Chief Executive Richard Adkerson said the agreement will finally form a partnership between the largest U.S. copper miner and the Indonesian government. Read more. (Subscription required.)