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Indonesia finalizes contract extension, eyes bigger stake in Freeport
PTFI, which has obtained a mining license in Indonesia since 1967, has been in negotiations with the government to have its contract extended until 2041 to secure its operations, including getting fiscal and regulatory guarantees.
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Gold mine: President Joko “Jokowi” Widodo (right) speaks with Richard Adkerson (left), director of the Freeport-McMoRan Copper and Gold company at the Grassberg mine in Mimika during Jokowi’s visit on Sept. 1, 2022. In 2018 Indonesia acquired Freeport, a giant United States company operating in the country. (AFP/Presidential Palace)
T
he Indonesian government said it would complete a contract extension for PT Freeport Indonesia (PTFI) by the end of this month, as it seeks to increase its ownership in the copper and gold mining giant.
President Joko “Jokowi” Widodo met on Monday with Freeport-McMoran CEO Richard Adkerson in Washington, DC, in a show of commitment to supporting the company’s operation in Indonesia.
Jokowi, who is on his way to attend the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, said he discussed with Adkerson about PTFI’s contract extension and a plan to increase the government’s ownership.
“I’m delighted to hear the discussion on a 10 percent increase of [government’s ownership] in Freeport Indonesia and the mining permit extension for the next 20 years has reached the final stage,” the President said in a statement.
Jokowi said he hoped that “the matters” could be settled by the end of November this year.
Read also: Indonesia, US herald ‘new era’ of cooperation
PTFI, which has obtained a mining license in Indonesia since in 1967, has been in negotiations with the government to have its contract extended until 2041 to secure its operations, including getting fiscal and regulatory guarantees.
