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Indonesia Extends Freeport's License as Grasberg Deal Nears

Eko Listiyorini
Indonesia Extends Freeport's License as Grasberg Deal Nears

Freeport-McMoRan Inc. has received a one-month extension to the license that allows it to operate the giant Grasberg copper and gold mine in Indonesia, as the government said talks to transfer majority ownership in the mine are almost complete. PT Freeport Indonesia’s special mining license, or IUPK, will now run until July 31, Bambang Gatot Ariyono, director general for coal and minerals at the natural resources ministry, said at a briefing in Jakarta on Wednesday. The extension for Freeport’s local unit creates a window for sealing a broader deal that’ll allow Indonesia to take control of the world’s second-largest copper mine.