Freeport-McMoRan Inc. said it has signed a memorandum of understanding with the Indonesian government to extend PT Freeport Indonesia’s operating rights in the Grasberg minerals district for the life of the resource by amending its special mining business license (IUPK). The agreement also includes increased community support in Papua, higher exploration spending and continued domestic downstreaming commitments, and would see Freeport transfer a 12% stake in PTFI to government interests in 2041, reducing its ownership to about 37% from 2042.

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