The world’s No.2 miner is selling its 40% in the giant Grasberg mine, the world’s second largest copper operation, to Indonesia’s state mining company PT Inalum.
Freeport-McMoRan Mining News
Indonesia has extended an operating permit for Freeport's Grasberg copper-gold mine while discussions over long-term rights continue.
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
Decision gives 18 months more than planned to the operation, which would result in additional production of 470 million pounds of zinc and 52 million pounds of copper during that period.
Every year, Freeport-McMoRan Inc. dumps tens of millions of tons of mining waste into the Ajkwa River system in Indonesia. The company has been doing it for decades, and is demanding the right to keep at it for decades to come.
There’s a well-thumbed playbook for how deals involving gold mines in the remote jungles of Indonesia are meant to turn out.
Company confirmed is in talks to sell its stake in the world’s second largest copper mine to Indonesia’s Inalum.
Nevsun, who declined the offer for the fourth time, said the proposal undervalued its Timok copper-gold project in Serbia and that junior Euro Sun was “not an attractive partner”.
The most drawn-out deal in the global mining industry looks set for another round.
The Phoenix, Arizona-based copper miner reported a lower-than-expected quarterly profit on Tuesday as red metal sales missed the company's forecast.
Indonesia's state mining holding company expects to reach an agreement soon on bank financing to buy a controlling stake in the local unit of Freeport McMoran Inc.
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
When it comes to finally reaching a deal to secure Freeport-McMoRan Inc.’s long-term right to keep mining in Indonesia, the ball appears to be firmly in Rio Tinto Group’s court.
The world's second-largest copper miner by production also said talks with Indonesia re Grasberg were advancing.
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%.
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.