Freeport maintains need for investment guarantees for IPUK switch after export recommendation

Freeport-McMoRan has reaffirmed its need for guarantees over its Indonesian investments after the country’s Ministry of Energy and Mineral Resources (ESDM) recommended the company receive a permit to export copper concentrates.

The company suspended mining at Grasberg on Friday February 10 and declared force majeure on nearby delivery contracts to customers in Asia, sources with knowledge of the matter told Metal Bulletin today.  "The permit was granted conditional upon PTFI’s [Freeport subsidiary PT-Freeport Indonesia] acceptance of an IUPK. As previously reported, PTFI will only convert its CoW to an IUPK if it is accompanied by an investment...

Published

Archie Hunter

February 17, 2017

16:06 GMT

London