JAKARTA: US mining giant Freeport-McMoRan said Tuesday it had agreed to divest a 51 percent stake in its Indonesian unit, bringing an end to a fierce standoff with the country’s government over mining rights.
The agreement will allow the firm to continue operating its vast copper and gold mine in Indonesia’s Papua province until 2041, but require it to build a smelter and give the government a majority stake in the operation.
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