Indonesian minister says majority stake purchase of iconic mine seen valued at $3.5 billion to $4 billion.
Freeport McMoRan Inc Mining News
Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project.
Freeport's export permit for Grasberg, the world's second-biggest copper mine, is due to expire on Friday, as is Amman's permit to ship ore concentrate from its Batu Hijau mine on the island of Sumbawa.
Although divestment issues are still unresolved, Indonesia hopes to finalize contract talks with Freeport McMoRan Inc over the Grasberg copper mine by June.
The permit was issued to allow the miner to continue exporting copper concentrate while company representatives and government officials go on with the discussions around Freeport’s future operations.
The company had exported 684,333 tonnes of copper concentrate by end-October, according to government data.
The fire broke out at Amamapare port facilities, where copper concentrate from giant Grasberg copper mine is processed before being loaded to ship.
The latest violent episode and temporary closure had no impact on production at the world’s second-biggest copper mine.
The world's second-largest publicly traded copper company has issues with the proposed divestment plan, including valuation, timing and structure.
Indonesia’s mining minister said on Thursday that Freeport McMoRan Inc could request an extension of six months to renegotiate rights to Grasberg.