Indonesia eyes truce with Freeport as losses mount for both sides

April 12, 2017

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Losses amounting to hundreds of millions of dollars appear to be pushing the Indonesian government and mining giant Freeport McMoRan to resolve a row that has crippled operations at Grasberg, the world’s richest copper mine, for three months.

Freeport says it has lost revenue of about $1-billion since the export of copper concentrate from Grasberg was halted on January 12 under new rules issued by the government. The government has lost millions of dollars in royalties and is worried about layoffs and a slowing economy in the restive Papua region, where the giant mine is located.

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