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PT Freeport Indonesia and the Government of Indonesia Agree on Continuation of Operations of the Grasberg Mining Complex beyond 2021

Freeport-McMoRan Inc. (NYSE: FCX) announced today that PT Freeport
Indonesia (PT-FI) and the Government of Indonesia have engaged in
productive discussions regarding PT-FI’s long term operating rights and
investment plans. The Government is currently developing economic
stimulus measures which include revisions to mining regulations to
promote economic and employment growth.

In consideration of PT-FI’s major investments and prior and ongoing
commitments to increase benefits to Indonesia, including previously
agreed higher royalties, domestic processing, divestment and local
content, the Government has assured PT-FI that the Government will
approve the extension of operations beyond 2021, including the same
rights and the same level of legal and fiscal certainty provided under
its Contract of Work.

James R. Moffett, Chairman of Freeport-McMoRan Inc., stated, “We are
pleased with the assurances from the Government of Indonesia of legal
and fiscal certainty and look forward to continuing our long term
partnership and investment plans to advance the economy, jobs and
economic velocity in Papua.”

Sudirman Said, Indonesia’s Minister of Energy and Mineral Resources,
said, “We welcome the continuation of Freeport’s investments in Papua
which will provide increasing benefits to the national and local

FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant oil and
gas resources and a growing production profile. FCX is the world’s
largest publicly traded copper producer.

FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world’s largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America; the Tenke Fungurume minerals district in the DRC; and
significant U.S. oil and natural gas assets in the Deepwater GOM,
onshore and offshore California and in the Haynesville natural gas
shale, and a position in the Inboard Lower Tertiary/Cretaceous natural
gas trend onshore in South Louisiana.

Cautionary Statement Regarding Forward-Looking Statements: This
press release contains forward-looking statements, which are all
statements other than statements of historical facts, such as
expectations relating to the Indonesian government’s approval of the
extension of PT-FI’s operations beyond 2021, including the same rights
and the same level of legal and fiscal certainty provided under its
Contract of Work. FCX cautions readers that forward-looking statements
are not guarantees of future performance and actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements.

Important factors that can cause FCX’s actual results to differ
materially from those anticipated in the forward-looking statements
include supply of and demand for, and prices of, copper, gold,
molybdenum, cobalt, crude oil and natural gas, mine sequencing,
production rates, industry risks, regulatory changes, political risks,
drilling results, potential additional oil and gas property impairment
charges, potential lower of cost or market inventory adjustments,
potential impairment of long-lived mining assets, FCX’s ability to
complete transactions with strategic investors interested in investing
capital in the development of its oil and gas and mining properties,
FCX’s ability to launch or complete the previously announced potential
initial public offering of a minority interest in Freeport-McMoRan Oil &
Gas Inc. on acceptable terms or at all, any decisions with respect to
and the timing and success of any other strategic alternatives for FCX’s
oil and gas business, the outcome of negotiations with the Indonesian
government regarding PT-FI’s Contract of Work, PT-FI’s ability to obtain
renewal of its export license after January 28, 2016, PT-FI’s ability to
renew its bi-annual labor agreement expiring in September 2015, the
potential effects of violence in Indonesia, the resolution of
administrative disputes in the Democratic Republic of Congo, weather-
and climate-related risks, labor relations, environmental risks,
litigation results and other factors described in more detail in Part I,
Item 1A. “Risk Factors” of FCX’s annual report on Form 10-K for the year
ended December 31, 2014, as updated by FCX’s subsequent filings with the
Securities and Exchange Commission.

Investors are cautioned that many of the assumptions on which FCX’s
forward-looking statements are based are likely to change after the
forward-looking statements are made, including for example commodity
prices, which FCX cannot control, and production volumes and costs, some
aspects of which FCX may not be able to control. Further, FCX may make
changes to its business plans that could affect its results. FCX
cautions investors that it does not intend to update forward-looking
statements more frequently than quarterly notwithstanding any changes in
FCX’s assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any forward-looking

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Source: Freeport-McMoRan Inc.

Freeport-McMoRan Inc.

Financial Contacts:

Kathleen L. Quirk,


David P. Joint, 504-582-4203



Eric E. Kinneberg, 602-366-7994