June 20

[sent previously in mining news]

Asia Pulse/Antara 

Freeport of US to Take Full Control of Indonesia's Indocopper

JAKARTA, 

U.S. mining company Freeport McMoran Copper & Gold Inc will be the sole owner of Indonesian copper mining company PT Indocopper Investama after acquiring 0.52 per cent stake from public shares.

The U.S. company will pay US$30.79 for a share held by investing public in the publicly listed Indocopper.

Abdulmadjid the chief commissioner of Indocopper, said the shareholders agreed in a meeting Wednesday to a delisting plan to allow Freeport to acquire the 0.52 per cent stake or 111,595 shares.

Freeport has a subsidiary PT Freeport Indonesia operating copper and gold mines in Irian Jaya.

Freeport already controls 99.48 per cent of Indocopper after acquiring the entire shares held by PT Nusamba Mineral Industri in Indocopper earlier this year.