Since May, both parties have met once a week to discuss various issues, including the company’s contract extension, smelter development, divestment requirements and investment stability guarantees, said Freeport Indonesia executive vice president Tony Wenas in Jakarta on Wednesday.

Negotiations were temporarily halted due to Idul Fitri. They will begin again presently, he added.

(Read also: Govt sticks to guns over Freeport negotiations)

“We just had a short break, but [the negotiations] might restart soon. We’re optimistic we can reach a win-win solution,” Tony said at the Energy and Mineral Resources Ministry.

Energy and Mineral Resources Minister Ignasius Jonan is also upbeat that a settlement can be reached in the near future.

“We are still discussing issues surrounding taxation, regional contributions and other relevant issues,” Jonan said.

The government has pushed Freeport to convert its contract of work (CoW), signed in 1991, into a special mining license (IUPK), a move that will automatically annul the company’s long-term investment stability guarantee provided in the CoW.

Freeport is also expected to divest 51 percent of its shares to national entities.

At present, American mining giant Freeport-McMoRan owns 90.64 percent of the company, while 9.36 percent is owned by the Indonesian government. (bbn)

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