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Freeport McMoRan, Indonesia start contract negotiations

Published 05/04/2017, 10:36 AM
© Reuters.  Freeport McMoRan, Indonesia start contract negotiations
FCX
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  • Freeport McMoRan (FCX -3.2%) and Indonesian authorities begin negotiations over the contract dispute that has caused the miner to scale down operations in the country.
  • CEO Richard Adkerson met today with the mining minister and other officials from the central and Papua provincial government in Jakarta to discuss a range of disagreements including legal assurances over investments beyond 2021, tax rates, and a government requirement for FCX to divest a 51% stake in its local operations.
  • "So long as we're progressing to... a mutually acceptable resolution, there would be no arbitration," Adkerson says.
  • FCX last month received an export permit valid until February 2018 allowing it to resume export shipments until at least October 2017, pending further negotiations.
  • Now read: Freeport-McMoRan - The Story Continues To Improve, As Grasberg Creates An Overhang


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