Indonesia ready for Freeport tribunal
5:42 PM
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In its latest move to settle a dispute over mining policy, the government has challenged United States mining giant Freeport Mc Moran to go to an international arbitration tribunal for a fair result. Recently, the Energy and Mineral Resources Ministry granted approval to PT Freeport Indonesia, the local subsidiary of the politically-connected gold and copper miner, to convert its contract of work (COW) into a Special Mining License (SML/IUPK).
In so doing, the government will require the company to divest 51 percent of its shares and build a smelter within Eve years. As compensation, the government will allow Freeport to continue exporting copper concentrate.
Jakarta Post, Page-1, Monday, Feb, 20, 2017
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