PT Freeport Indonesia & the Government of Indonesia Agree on Continuation of Operations of the Grasberg Mining Complex beyond...
October 08 2015 - 7:54AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that PT
Freeport Indonesia (PT-FI) and the Government of Indonesia have
engaged in productive discussions regarding PT-FI's long term
operating rights and investment plans. The Government is currently
developing economic stimulus measures which include revisions to
mining regulations to promote economic and employment growth.
In consideration of PT-FI's major investments and prior and
ongoing commitments to increase benefits to Indonesia, including
previously agreed higher royalties, domestic processing, divestment
and local content, the Government has assured PT-FI that the
Government will approve the extension of operations beyond 2021,
including the same rights and the same level of legal and fiscal
certainty provided under its Contract of Work.
James R. Moffett, Chairman of Freeport-McMoRan Inc., stated,
“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.”
Sudirman Said, Indonesia’s Minister of Energy and Mineral
Resources, said, “We welcome the continuation of Freeport's
investments in Papua which will provide increasing benefits to the
national and local economies.”
FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant
oil and gas resources and a growing production profile. FCX is the
world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde operation in South America; the Tenke Fungurume
minerals district in the DRC; and significant U.S. oil and natural
gas assets in the Deepwater GOM, onshore and offshore California
and in the Haynesville natural gas shale, and a position in the
Inboard Lower Tertiary/Cretaceous natural gas trend onshore in
South Louisiana.
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as expectations relating to the Indonesian
government’s approval of the extension of PT-FI’s operations beyond
2021, including the same rights and the same level of legal and
fiscal certainty provided under its Contract of Work. FCX cautions
readers that forward-looking statements are not guarantees of
future performance and actual results may differ materially from
those anticipated, projected or assumed in the forward-looking
statements.
Important factors that can cause FCX’s actual results to differ
materially from those anticipated in the forward-looking statements
include supply of and demand for, and prices of, copper, gold,
molybdenum, cobalt, crude oil and natural gas, mine sequencing,
production rates, industry risks, regulatory changes, political
risks, drilling results, potential additional oil and gas property
impairment charges, potential lower of cost or market inventory
adjustments, potential impairment of long-lived mining assets,
FCX’s ability to complete transactions with strategic investors
interested in investing capital in the development of its oil and
gas and mining properties, FCX’s ability to launch or complete the
previously announced potential initial public offering of a
minority interest in Freeport-McMoRan Oil & Gas Inc. on
acceptable terms or at all, any decisions with respect to and the
timing and success of any other strategic alternatives for FCX’s
oil and gas business, the outcome of negotiations with the
Indonesian government regarding PT-FI’s Contract of Work, PT-FI’s
ability to obtain renewal of its export license after January 28,
2016, PT-FI’s ability to renew its bi-annual labor agreement
expiring in September 2015, the potential effects of violence in
Indonesia, the resolution of administrative disputes in the
Democratic Republic of Congo, weather- and climate-related risks,
labor relations, environmental risks, litigation results and other
factors described in more detail in Part I, Item 1A. “Risk Factors”
of FCX’s annual report on Form 10-K for the year ended December 31,
2014, as updated by FCX’s subsequent filings with the Securities
and Exchange Commission.
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may not be able to
control. Further, FCX may make changes to its business plans that
could affect its results. FCX cautions investors that it does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in FCX's assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20151008005683/en/
Freeport-McMoRan Inc.Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contact:Eric E.
Kinneberg, 602-366-7994
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