Indonesia state-owned holding Asahan Aluminum, or Inalum, would grab a 41.64% stake in the local unit of Freeport, which increases its current ownership in it to 51%.
Freeport-McMoRan Mining News
Under the new deal, Inalum will seek to acquire London-based Rio Tinto Group’s joint venture interest in Grasberg by March.
Proposed three-way deal between the Indonesian government, Rio Tinto and Freeport to clean up ownership of Grasberg 'ignores the wider picture'.
After pumping billions into the Indonesian mine for almost 25 years, Rio might be able to see a decent return as the country’s government plans to acquire the miner’s 40% stake in the coveted operation.
The Indonesian unit of Freeport-McMoRan Inc has temporarily shut the main supply route to its Papua mine after a shooting incident.
Indonesia's military said on Friday it was prepared to take tough measures against rebels who have threatened to "destroy" mining operations of Freeport-McMoRan Inc in the eastern province of Papua in their struggle for independence.
Armed separatists have occupied five villages in Indonesia’s Papua province, threatening to disrupt Freeport-McMoRan Inc’s giant Grasberg copper mine, which has already been hit this year by labor unrest and a dispute over operating rights.
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.
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.