Freeport agreed in August to divest a 51% stake in Grasberg to local interests in return for full operational control until 2041 plus fiscal and legal guarantees, but a final deal has still to be reached.
Freeport-McMoRan Mining News
The company has greed to reduce its stake in the Grasberg mine to 49% in exchange for licenses to operate the massive copper and gold pit until 2041.
Flash floods have left one worker missing and caused extensive damage to a power plant at the miner's operations in the eastern-most province of Papua.
Some issues still need to be resolved before the U.S. miner gets a new operating permit for its huge copper mine.
The indefinite labour action involves 56 unions, which are protesting a government’s proposed reform they see as "anti-workers".
Indonesia says it will invite the head of mining giant Freeport McMoRan Inc to Jakarta this month to try to settle a festering dispute over a new deal to operate the world's second-largest copper mine.
Company says Grasberg copper mine is running as normal
Thousands of mine workers at the Indonesian unit of Freeport-McMoRan Inc will extend their strike for another month to protest against layoffs, a union official said on Wednesday.
World's top listed copper miner cuts production outlook for the year, but impact of dispute with Jakarta more contained than thought.
The Indonesian unit is now in the process of obtaining a full export permit.
The news follows the end of a historically long 43-day strike at BHP Billiton’s Escondida, the world's biggest copper mine in neighbouring Chile.
State holding company ready to take 51% stake says Indonesian deputy mines minister as dispute over ownership of iconic copper-gold mine intensifies.
Freeport restarts supply to domestic smelter in Indonesia, but the copper concentrate export ban at iconic mine remains in place.
Around 1,300 unionized miners plan to start an indefinite stoppage at Peru's largest copper mine beginning March 24.
China releases scorching industry output growth, fixed investment numbers for January-February. Third attempt to restart talks at giant Chile mine fails.
Disputes at BHP Billiton’s Escondida mine in Chile, the world's biggest copper mine, and Freeport’s Grasberg and Cerro Verde mines, are also having a significant effect on global supplies of concentrate.
The mine produced just under 500,000 tonnes of the red metal last year, making it Peru's largest copper operation.
Strike at Freeport's giant Peru mine takes offline world's three biggest mines, but worries about demand drops copper after huge jump in warehouse stocks.
Freeport sees "fundamental shift" at iconic mine as Indonesian spat gets heated and dispute at giant Escondida copper mine in floods-hit Chile turns ugly.
Top listed copper producer Freeport says negotiations with Indonesia going nowhere – will slash production at iconic mine by 60%.
The meeting is not a return to mediation but an attempt to agree to return to the negotiating table, the union said.
The firm has not been able to ship copper from the mine in over a month due to a ban on concentrate exports that kicked in on January 12.
Miner says that each month of delay in obtaining approval to export means production would be reduced by 70 million pounds of copper and 70,000 ounces of gold.
US copper giant to be given temporary exemption under new mining rules to resume copper exports from Grasberg mine.
Chile closes ports servicing some of the world's biggest copper mines due to rough seas while Escondida strike looms.