Indonesia extends permit for giant Freeport copper mine as talks continue

Indonesia extends permit for giant Freeport copper mine as talks continueIndonesia has extended a temporary operating permit for Freeport McMoRan Inc’s (FCX.N) Grasberg project, the world’s second-biggest copper mine, until the end of the month while discussions continue over long-term rights. Freeport’s local unit, PT Freeport Indonesia (PTFI), has been given a temporary operating permit for Grasberg until July 31, Coal and Minerals Director General Bambang Gatot Ariyono told reporters at a press conference on Wednesday. Phoenix, Arizona-based Freeport has been in negotiations with Indonesia to secure long-term operating rights at Grasberg after the government introduced new rules last year aimed at giving Jakarta greater control over the nation’s resources.



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