Freeport negotiations with government continue
Fedina S. Sundaryani
The Jakarta Post
Negotiations between the government and gold and copper mining company PT Freeport Indonesia continue almost one month after the firm submitted its complaints and threatened to take the case to international arbitration.
Tony Wenas, who takes part in the negotiations as Freeport Indonesia executive vice president, said no solution had been reached since negotiations started.
"The discussions are still ongoing, and we are trying to find the best resolution for the future," he said on Thursday.
Tony declined to disclose what exactly was the deadlock keeping the two parties from concluding their negotiations.
(Read also: Freeport representatives visit ministry to find solution)
Freeport has refused to accept the government’s demand to convert its contract of work (CoW) agreement into a special mining license (IUPK). The company argues that an IUPK would effectively annul its CoW signed in 1991.
Freeport says it does not want to give up the rights listed in its CoW, including protection of its long-term investments.
Under new government regulations, Freeport is required to gradually divest 51 percent of its shares to Indonesian entities.
Tony met with Coordinating Political, Legal and Security Affairs Minister Wiranto on Thursday, a day after visiting the Energy and Mineral Resources Ministry to discuss the issue with officials there. (bbn)
- Indonesian firm to construct coal port in Vietnam
- No flight attendants in bikinis for Vietjet’s upcoming route
- Indonesia needs to realize its sharia economy potential
- Almonds help rid body of bad cholesterol
- All Germany's gold returned from French vaults
- Russia offers nuke power to Indonesia
- Trade Ministry, Eximbank to boost financing for exporters
- Nike bazaar ends in chaos on Tuesday
- Foo Fighters’ Taylor Hawkins: Computer-made pop music is depressing
- South Africa's first online rhino horn auction set to open