TORONTO (miningweekly.com) – The Indonesian government has assured US diversified miner Freeport-McMoRan subsidiary PT Freeport Indonesia (PT-FI) that the extension of its operations beyond 2021 would be approved, including the same rights and the same level of legal and fiscal certainty provided under its current contract of work.
The government was currently developing economic stimulus measures that comprised the revision of mining regulations to promote economic and employment growth.
The assurance came after PT-FI had made significant investments and prior and ongoing commitments to increase benefits to Indonesia, including previously agreed higher royalties, domestic processing, divestment and local content.
“We are pleased with the assurances from the government of Indonesia of legal and fiscal certainty and look forward to continuing our long-term partnership and investment plans to advance the economy, jobs and economic velocity in Papua,” chairperson James Moffett stated.
Freeport-McMoRan's portfolio of assets included the Grasberg minerals district, in Indonesia, one of the world's largest copper/gold deposits.