Ashurst and Oentoeng Suria & Partners (OSP) are acting for PT Indonesia Asahan Aluminium (Persero) (Inalum), an Indonesian state owned company, as lead counsel in Inalum's landmark acquisition of a 51.2% majority stake in the Grasberg mine from leading mining companies Freeport-McMoRan and Rio Tinto. The Grasberg mine, located in Papua, Indonesia, is the world's largest gold mine and second largest copper mine. After the transaction, Inalum's stake in the Grasberg mine increased from 9.36% to 51.2%, giving Indonesia majority interest in the 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.