Freeport-McMoran Copper & Gold Says Indonesian Govt Agrees to Continuation of Grasberg Mining Complex Beyond 2021

Freeport-McMoran Copper & Gold (FCX) said Thursday that its PT Freeport Indonesia (PT-FI) unit has received assurances from the government of Indonesia on the extension of operations in the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits, beyond 2021, including the same rights and the same level of legal and fiscal certainty provided under its Contract of Work.

James R. Moffett, Chairman of Freeport-McMoRan Inc., stated, “We are pleased with the assurances from the Government of Indonesia of legal and fiscal certainty and look forward to continuing our long term partnership and investment plans to advance the economy, jobs and economic velocity in Papua.” Sudirman Said, Indonesia’s Minister of Energy and Mineral Resources, said, “We welcome the continuation of Freeport’s investments in Papua which will provide increasing benefits to the national and local economies.”

Shares were trading at $12.99 in recent trade, down fractionally. The stock has a 52-week range of $7.76 – $32.42.

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