Reuters reported today that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has made progress in talks with Indonesia that moved both parties closer to a resolution for the problems surrounding copper exports from the island nation. In an important step forward, Indonesia and Freeport have agreed on a basic framework for contract negotiations. Newmont Mining Corp (NYSE:NEM) met with officials as well, according to Reuters.
As quoted in the publication:
The CEOs of both firms met with chief economic minister Chairul Tanjung in Jakarta last week in a bid to resolve the five-month-old dispute.”There was a lot of progress and we have moved forward in the renegotiation process, but there are still some processes left,” Rozik Soetjipto, Freeport Indonesia CEO, told Reuters on Tuesday.