Ashurst and OSP advise on the US$3.85 billion acquisition of the world's largest gold mine

Valued at US$3.85 billion, the transfer of a majority interest in the mine from Freeport-McMoRan and Rio Tinto to Inalum represents one of the most significant and complex M&A transactions in the region this year and Indonesia's largest ever divestment by a foreign resources company. The divestment involved a transfer of a 40% participating interest from Rio Tinto, issuance of new shares in PT Freeport Indonesia, merger filings in five different jurisdictions and a USD4 billion worth of fund raising. The Grasberg mine is a key strategic asset to the Indonesian government and the transaction symbolises the government's continued efforts to gain control of its national assets. The divestment is a significant victory for the people of the Republic of Indonesia and also the largest acquisition by an Indonesian state-owned enterprise. 

Partners Simon Brown and Ratih (Ipop) Nawangsari led the Ashurst/OSP team, advising on the international law and Indonesian law aspects respectively.