R. Sukhyar, Director General for Coal and Mineral Resources at the Indonesian Ministry of Energy and Mineral Resources, said that Freeport Indonesia and Newmont Nusa Tenggara, two of the largest copper miners in Indonesia, have shown their commitment to build refining facilities (in line with the 2009 Mining Law) by agreeing to transfer a total of USD $140 million to the government as a deposit guarantee. Freeport will transfer USD $115 million, whereas Newmont will transfer the remaining USD $25 million.

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Freeport Indonesia, subsidiary of US-based natural resources company Freeport McMoRan Copper & Gold Inc, is optimistic that the Indonesian government will extend the company’s contract to operate the Grasberg mine in Papua (eastern Indonesia). This mine is the world’s largest gold mine and third-largest copper mine. The current contract between the Indonesian government and Freeport Indonesia expires in 2021. However, Freeport is currently in need of some certainty before investing a large amount on mining operations and smelting facilities.

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