Indonesia is developing stimulus measures that include revising mining regulations to promote economic and employment growth. At the same time, PT Freeport Indonesia (PT-FI) and the government of Indonesia have been discussing the company’s long-term operating rights and investment plans. 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 it 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.

“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,” said James R. Moffett, chairman, Freeport-McMoRan.

“We welcome the continuation of Freeport’s investments in Papua, which will provide increasing benefits to the national and local economies,” said Sudirman, Indonesia’s minister of energy and mineral resources, said.

Freeport-McMoRan is the world’s largest publicly traded copper producer and its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits.