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Freeport McMoRan: No Impact From New Indonesia Mine Rules

By Tatyana Shumsky Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Freeport McMoRan Copper & Gold Inc. (FCX) said its contract with the Indonesian government will protect the company's ownership of its Grasberg copper operations from new rules requiring foreign investors to reduce direct stakes in mines. Indonesia will require foreign investors to gradually reduce their stakes in mineral and coal mines until they reach a maximum 49% ownership, from previous limits of 80%, the Energy and Mineral Resources Ministry said Wednesday. The rule change will affect new contracts or the renewal of existing contracts, a senior Indonesian official told Dow Jones Newswires. Freeport McMoRan, the world's largest listed copper producer, signed an agreement, known as a contract of work, with Indonesia in 1991 for 30 years with two 10-year extensions. "Our Contract of Work does not require Freeport-McMoRan to divest any portion of its ownership in PT Freeport Indonesia or PT Indocopper Investama," Freeport McMoRan spokesman Eric Kinneberg told Dow Jones Newswires in an email. Freeport McMoRan owns 90.64% of PT Freeport Indonesia, including 9.36% owned through its wholly owned subsidiary, PT Indocopper Investama. The government of Indonesia owns the remaining 9.36% of PT Freeport Indonesia. The parent company has previously said that any changes to the contract of work would require mutual agreement between Freeport McMoRan and the government of Indonesia. Freeport McMoRan also said it has agreed to voluntarily divest at fair market value a 9.36% stake and is in discussions with potential acquirers, including the Province of Papua. The company also confirmed previously announced plans to restart work at Grasberg on March 12. Operations at the world's third-largest open-pit copper mine were interrupted by a labor strike last year, and Freeport McMoRan said its 2012 forecast gold and copper sales remain under review and will be updated to reflect the disruptions. -By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com --Deden Sudrajat in Jakarta contributed to this article.

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
08/07/201413:04:17Freeport-McMoRan Said Considering $5 Billion Sale of California...
08/05/201422:20:41Freeport Indonesia Resumes Copper Concentrate Exports Wednesday...
08/05/201408:36:30Indonesia 2Q GDP Growth Slows to 5.12% -- Update
08/04/201405:45:24Freeport Indonesian Unit May Start Exporting Copper Concentrate...
07/25/201402:15:05Indonesia President Approves New Contract Terms With Freeport...
07/17/201404:14:23Indonesia Demands Newmont Withdraw Arbitration Filing
07/07/201404:06:22Indonesia and Freeport Agree on New Mining Contract Terms: Minister
07/01/201407:09:48Newmont Files for Arbitration Against Indonesia Government on...
06/05/201415:31:48Newmont Mining Declares Force Majeure in Indonesia -- 2nd Update
06/03/201403:16:20Newmont Stops Copper Concentrate Production in Indonesia
05/07/201411:27:46Correction to "Encana to Buy Eagle Ford Assets From Freeport-McMoRan...
05/07/201410:57:15Encana to Buy Eagle Ford Assets From Freeport-McMoRan for $3.1...
05/07/201410:14:58U.S. Hot Stocks: Hot Stocks to Watch
05/07/201401:26:28Newmont's Indonesia Unit May Start Cutting Output by June 1
02/28/201412:30:10Freeport-McMoRan Issues Warning on Indonesia Unit
02/28/201412:15:51Freeport-McMoRan Warns of Potential Force Majeure in Indonesia
02/26/201407:12:08UN Sends More Troops to Cooper-Producing Province in Congo
02/06/201423:42:29Indonesia Won't Relax Smelter Sureties for Ore-Export Permission...
01/22/201409:32:00Freeport-McMoRan Profit Falls Despite Revenue Growth
01/13/201408:38:11Indonesia Gives Details on Its Mineral Export Ban

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