October 9, 2017 / 9:51 AM / in 2 months

Indonesia mining minister estimates Freeport Indonesia worth $8 billion

JAKARTA (Reuters) - Indonesia’s mining minister said on Monday he estimates the local unit of Freeport-McMoRan Inc, operator of the giant Grasberg copper mine, to be worth $8 billion, amid talks over the divestment of a majority stake in the unit.

The valuation was based on an assumption of Freeport’s market capitalization of $20.74 billion, and the Indonesian unit contributing “a maximum” of 40 percent to the profits of the Phoenix, Arizona-based parent company, Energy and Mineral Resources Minister Ignasius Jonan told a parliament hearing.

Jonan said a “special mining permit” that was allocated to Freeport Indonesia earlier this year had been extended for the next three months.

Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue

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