Indonesia on Thursday struck an agreement with Freeport-McMoRan Inc and Rio Tinto to buy a controlling stake in the world’s second-biggest copper mine via a series of transactions valued at $3.85 billion, Reuters reports. Indonesian President Joko Widodo said that state-owned mining company PT Inalum has reached an initial agreement with Freeport-McMoRan Inc to increase its stake in Freeport’s local unit to 51 percent. Widodo said the government hopes to get larger amount of income from tax revenue and royalties under the deal. Richard C. Adkerson, Vice Chairman of the Board, President and Chief Executive Officer, said, “”This agreement marks a significant milestone toward establishing a new long-term partnership with the Republic of Indonesia,” as quoted by Market Insider.