Indonesian president urges action on Freeport mine deal

Section:

By Fergus Jensen
Reuters
Friday, October 6, 2017

JAKARTA, Indonesia -- Indonesian President Joko Widodo called for faster progress to wrap up a deal with Freeport-McMoRan Inc. on rights to the giant Grasberg copper mine, which the U.S. firm owns, officials said today.

The chief executive of the world's biggest publicly traded copper company -- which under a framework deal in August agreed to divest 51 percent of the mine -- held talks with officials in Jakarta earlier in the day.

The deal is intended to replace an existing contract with a "special mining permit" and give Jakarta greater control over its mineral resources.

But significant differences remain including on how Grasberg, the world’s second-largest copper mine, will be valued and on the timing and structure of the required divestment, leading some analysts to raise doubts about the future of the agreement. ...

... For the remainder of the report:

http://www.reuters.com/article/us-indonesia-freeport/indonesia-president...



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