The deal values the Indonesia-focused coal miner at more than $200 million.
The news comes after Indonesia’s last week decision to drop allegations that the miner had defrauded the state when buying the East Kalimantan coal project.
The recurring phenomenon — a warming of the Pacific Ocean as part of a complex cycle linking atmosphere and ocean — has in the past affected mine output, triggering price spikes.
But China’s slowdown, rising costs and falling prices may get in the way.
The copper and gold miner will pay a dividend of 5 cents.
The copper price recovered from a one-month low on Wednesday to gain 3% on Thursday, as the metal markets reacted to a dovish Fed statement and news out of Indonesia that production has stopped at the Grasberg mine.
The U.S. largest miner by market value and revenue has already slashed its capital budget for the year by $2bn and it is ready to make further cuts.
Its chairman Bob Kamandanu decided to step down only weeks ahead of a vote proposed by largest shareholder Samin Tan to replace most directors and take the reins at the company.
The investigative reporting piece exposed extremely poor working conditions in factories making Apple products in China and Indonesia.
Hollywood mogul has already attracted investment from miners to film industry's biggest scandal.
The country effectively halted all but processed metal shipments in January in an effort to force miners to build smelters.
The U.S. largest miner by market value and revenue is also dealing with a strike threat at its Indonesia's Grasberg copper and gold mine, which recently resumed operations.
Indonesia cannot build power stations fast enough. And neither can most of its Asian neighbours.
The agreement signed with Indonesia’s outgoing government also means higher royalties to be paid by the firm.
Nickel is present in over 3000 different alloys that are used in over 300,000 products for consumer, industrial, military, transport/aerospace, marine and architectural applications.
Eighteen people have been killed after an illegal gold mine collapses in remote central Indonesia, a local search and rescue official says.
Operations, however, won’t resume until at least Oct. 7.
Protesters are demanding management to review safety conditions following a fatal accident on Sept. 27.
30,000 tonnes of copper concentrate were sent out Monday.
Freeport-McMoRan Inc temporarily suspended open-pit mining at its Indonesian mine on Saturday, a company statement said, after four people died in an accident at one of the world's biggest copper mines.
The announcement marks the end of a long-dragged dispute between the Colorado-based miner and Southeast Asian nation.
Both sides are closer than ever to ending an eight-month tax dispute over exports of the industrial metal's concentrates.
Operations at the miner's Batu Hijau copper and gold mine to resume soon.
Copper price down more than 1% after gauge of China's services economy drops to near 9-year low and restart of Indonesian exports ease supply fears.
Exports for the year could reach 756,000 tonnes after US company agrees to build smelter and sell a stake in subsidiary to locals.
No signs of production slowdown in major coal-exporting countries.
Get Mining News and Alerts
sent to your inbox daily