Freeport's balance sheet has strengthened, but weaker copper prices still loom.
Freeport-McMoRan announced that it has reached an agreement with the Indonesian government regarding control over the Grasberg mine. Currently, the mine is owned by a joint venture called PT-FI in which Freeport owns a 90.36% stake. The balance is owned by the Indonesian state-owned enterprise Inalum. Under the new agreement, Freeport will sell 9.36% of its PT-FI stake to Inalum for $350 million.PT-FI currently owns 100% of the Grasberg mine. However, an existing agreement will shift a 40% inte...
Freeport-McMoRan is a holding company. Through its subsidiaries, the company is a mining company. The company operates assets with proven and probable reserves of copper, gold and molybdenum, and the company is a publicly traded copper producer. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits; and mining operations in North America and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. The company has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines.
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