Freeport, Indonesia Agree on Framework for Contract Renegotiations

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.

Click here to read the full Reuters article.