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Indonesia closer to deal with Freeport but hurdles remain, official says

Published 07/26/2017, 08:58 AM
© Reuters.  Indonesia closer to deal with Freeport but hurdles remain, official says
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  • Indonesia's government closer to a deal with Freeport McMoRan (NYSE:FCX) on its long-term future in the country, but key issues still need to be resolved before FCX gets a new operating permit for the Grasberg copper mine, according to the mining ministry official heading the government team involved in talks with the company.
  • The official says the two sides still must reach agreement on the requirement for FCX to divest a 51% stake in its Indonesian unit and on a fiscal stability agreement guaranteeing tax and royalty payments that the company wants before agreeing to give up its current contract.
  • FCX soared yesterday after CEO Richard Adkerson said progress had been made in talks to resolve the permit dispute with Indonesia; shares -1.6% premarket.
  • Now read: Freeport-McMoRan Inc. 2017 Q2 - Results - Earnings Call Slides


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