Copper leaching technology could reshape mining operations
Grasberg, Indonesia – Freeport-McMoRan confirmed on Tuesday that discussions are ongoing with the Indonesian government over the future of operations at the Grasberg copper and gold mine beyond 2041.
Earlier reports had suggested that Freeport, headquartered in Phoenix, had reached a deal to sell a 12% stake in its Indonesian subsidiary, PT Freeport Indonesia. Grasberg is renowned as the world’s largest gold mine and the second-largest copper mine globally.
PT Freeport Indonesia is majority-owned by the Indonesian government (51%) but managed by Freeport, one of the largest copper producers with operations spanning the Americas, Asia, and Europe.
In a statement to Reuters, Freeport emphasized that talks are progressing. “The parties are working to conclude an agreement that would be beneficial to all stakeholders. We will issue a formal announcement upon successful completion of an agreement,” the company said.
The negotiations follow a force majeure declaration at Grasberg last week, prompted by severe mudslides earlier this month that killed two workers and injured others.
Freeport has indicated that Grasberg’s production may not return to pre-incident levels until at least 2027, with the temporary disruption expected to impact global copper supply for several years.
