July 30, 2018 / 7:18 AM / a year ago

Indonesia to extend temporary mining permit for Freeport

JAKARTA, July 30 (Reuters) -

* Indonesian government will extend temporarily a special mining permit (IUPK) for Freeport McMoran’s local unit that is due to expire on July 31, Coal and Minerals Director General Bambang Gatot told reporters on Monday.

* The ministry has yet to decide on the length of the permit extension.

* Freeport is currently negotiating the sale of a majority of its stake in its local unit (PT-FI) to Indonesia’s state-owned mining company Inalum.

* Freeport operates the Grasberg copper mine in the eastern province of Papua that is the world’s second-largest. (Reporting by Bernadette Christina Munthe; Editing by Christian Schmollinger)

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