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Freeport at loggerheads with Indonesia over divestment-letter
September 29, 2017 / 4:10 PM / 2 months ago

Freeport at loggerheads with Indonesia over divestment-letter

JAKARTA/TORONTO, Sept 29 (Reuters) - Freeport-McMoRan Inc , the world’s second-largest publicly traded copper company, strongly disagrees with a proposed divestment plan by the government of Indonesia, the company said in a Sept. 28 letter to the state.

Freeport, which agreed in late August to divest a 51-percent stake in its Indonesian operations to the government under a framework agreement, said it is at loggerheads over multiple issues related to the valuation, timing and structure of the divestment.

“Freeport is prepared to discuss a path forward but cannot negotiate on the basis of the government’s September 28 proposal,” Chief Executive Richard Adkerson said in the letter, a copy of which was seen by Reuters.

Freeport did not respond to requests for comment. (Reporting by Wilda Asmarini and Fergus Jensen in Jakarta, and Susan Taylor in Toronto; Editing by Chizu Nomiyama)

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