January 25, 2018 / 4:18 PM / 8 months ago

BRIEF-Freeport makes progress in Indonesia permit talks - CEO Adkerson

Jan 25 (Reuters) - Copper miner Freeport-McMoRan:

* Signed new 2-year labor deal in Indonesia in December - Chief Executive Adkerson

* Freeport debt could fall to $5 billion by end-2018 if copper prices are maintained and all cash flow used to cut debt - CEO Adkerson

* Freeport looking at opportunities to develop Kisanfu cobalt deposit in DRC, including partnerships, joint ventures - CEO Adkerson

* Freeport had some security issues in Indonesia last couple of months, but “great cooperation” from authorities - CEO Adkerson

* Freeport pushing fiscal, legal certainty through to 2041 in permit talks with Indonesia - CEO Adkerson

* Freeport looking at partnership with PT Amman to develop new smelter in Indonesia - CEO Adkerson

* Freeport helping Indonesia complete due diligence on JV partner Rio Tinto’s stake in Grasberg - CEO Adkerson

* Freeport’s Grasberg underground output will ramp up to annual production of 1 billion lbs of copper, 1 million ounces of gold - CEO Adkerson

* Freeport sees interim drop in Grasberg production in 2019 during transition to underground mining - CEO Adkerson

* Freeport says Indonesian government purchase of Rio Tinto JV share the “most likely outcome” - CEO Adkerson

* Freeport CEO Adkerson expects board will be predisposed to return cash to shareholders, via dividends, when possible

* Freeport, Indonesia agreed on standards to set fair market value for divestment stake, dollar value not year negotiated - CEO Adkerson Source text for Eikon: Further company coverage: (Reporting by Susan Taylor)

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