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Freeport to Give Up Majority Stake in Grasberg Mine Under Deal With Indonesia

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08/29/2017 | 06:27am CEST
   By Anita Rachman and Deden Sudrajat 
 

JAKARTA, Indonesia--U.S.-based mining company Freeport-McMoRan Inc. (FCX) said it will give up its majority stake in the giant Grasberg copper and gold mine to end a long-running dispute with Indonesia, cutting its ownership to 49% from 90.64%.

The agreement, announced by Indonesian Energy Minister Ignasius Jonan and Freeport Chief Executive Richard Adkerson during a press conference Tuesday, will also require Freeport to build smelters, a goal of Indonesia to increase value-added wealth from its mineral resources.

Freeport-McMoRan has operated in the sprawling archipelago country for decades and invested $12 billion in developing Grasberg, becoming Indonesia's largest taxpayer in the process. The company has been reluctant to boost investment pending a resolution of the dispute, and labor action at the mine has affected copper prices.

Write to Anita Rachman at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
FREEPORT-MCMORAN -7.49% 15.8 Delayed Quote.-9.92%
GOLD -0.34% 1219.2 Delayed Quote.-5.79%
LME COPPER CASH -1.20% 6068 End-of-day quote.-15.50%
SILVER -0.15% 15.297 Delayed Quote.-8.06%
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