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Freeport makes compromise to end years of wrangling over Indonesian mining rights

Section: Daily Dispatches

By Wilda Asmarini and Hidayat Setiaji
Tuesday, August 29, 2017

JAKARTA, Indonesia -- Indonesia has reached a deal to let Freeport-McMoRan Inc. keep operating its giant Grasberg copper mine, after the U.S. company agreed to sell a majority stake to the government following years of wrangling.

Freeport said today it had made a "major concession and compromise" in agreeing to sell a 51 percent stake and to build a second smelter in Indonesia.

The company said the deal would be structured in a way that Freeport would retain control over the operations and governance of its Indonesian business.

"We are committed to completing the documentation as soon as possible during 2017," Chief Executive Richard Adkerson said in a statement. ...

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