Indonesia: Freeport yet to extend operating permit: Ministry – 27 Jul 2017

• Energy and Mineral Resources Ministry secretary general Teguh Pamudji said on 26 Jul 17 that the extension of Freeport’s operating permit, which would expire in 2021, was still being negotiated by government officials and company representatives.
• The IUPK, or the special mining permit, is set to replace the contract of work (CoW) scheme signed in 1991 by PT Freeport, a subsidiary of the American mining giant Freeport-McMoRan Inc.
• The extension would be granted if Freeport agreed to convert its contract from a CoW into the IUPK, said Teguh, adding that the company could apply to extend its operating permit until 2041, or by two decades.
• Freeport Indonesia’s corporate communications vice president Riza Pratama said an extension through 2041 would be needed for the company to meet the requirements of the government regulation.
• An IUPK requires the permit holder to construct a smelter, as well as to divest 51% of its shares to Indonesian entities.

External Link : http://www.thejakartapost.com/news/2017/07/27/freeport-yet-to-extend-operating-permit-ministry.html