International news within the industry of mining and metal, Nov, 24 2017
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Green light for new giant mine in Indonesia

Grasberg mine in Indonesia. Image: Wikipedia, credit: Alfindra Primaldhi
Grasberg mine in Indonesia. Image: Wikipedia, credit: Alfindra Primaldhi
Published by
Markku Björkman - 31 Aug 2017

Indonesia and Freeport-McMoRan Inc reached on August an agreement that lets the US miner continue operating its giant Grasberg copper and gold mine, though crucial details on a planned 51 per cent divestment and new taxes remain unresolved.

Still, by agreeing to the majority divestment, Freeport is giving what it calls a "major concession" to the Indonesian government to move closer to fully resolving the dispute over Grasberg, the world's second-biggest copper mine.

The agreement also reduces the risk of another stoppage to copper concentrate exports from Grasberg. Global prices for the metal jumped earlier this year when negotiations soured and exports were halted.

Freeport can "immediately apply" for a 10-year permit extension to mine at Grasberg beyond 2021, said Indonesian Energy and Mineral Resources Minister Ignasius Jonan, and a second extension could be proposed before 2031.

Source: The Strait Times

Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential.  Photo: Jaxons Inc.
Hazelton samples. Hazelton -formally Price Creek-, Jaxons flagship project, spans 44,482 ha and is prospective for Eskay Creek and Equity Silver style mineralization. Widespread soil anomalies and surface showings up to 3,397 g-t Ag, 12.7 g-t Au, and 22.29% Zn have been found on this advanced exploration project and a number of features suggest that the property has considerable potential. Photo: Jaxons Inc.

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