August 29, 2017 / 12:21 PM / a year ago

BRIEF-Freeport-McMoRan announces framework for agreement with Indonesian government regarding long-term operating rights for PT Freeport Indonesia

Aug 29 (Reuters) - Freeport-McMoRan Inc

* Freeport-McMoRan announces framework for agreement with indonesian government regarding long-term operating rights for PT Freeport Indonesia

* Freeport-McMoRan Inc- ‍PT-FI will convert its contract of work to special license which will provide PT-FI with long-term operating rights through 2041​

* Freeport-McMoRan Inc- ‍PT-FI will commit to construct a new smelter in Indonesia within five years​

* Freeport-McMoRan Inc- ‍Indonesian government will provide certainty of fiscal and legal terms during term of IUPK​

* Freeport-McMoRan Inc- ‍FCX will agree to divest ownership in PT-FI at fair market value so that Indonesia interests own 51 percent of PT-FI’s shares​

* Freeport-McMoRan Inc- ‍Divestment of ownership in PT-FI will be structured so that FCX will retain control over operations and governance of PT-FI​

* Freeport-McMoRan Inc- ‍FCX and government of Indonesia reached understanding on a framework to support PT-FI’s long-term investment plans in Papua​ Source text for Eikon: Further company coverage:

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