- Indonesia's government will start allowing miners to renew contracts earlier than two years before they expire, a move that would favor Freeport McMoran (FCX -0.6%) and its expansion plans in the country.
- FCX, which runs the Grasberg copper and gold mining complex, has for years been seeking contract certainty before investing the $15B-plus needed to turn its Indonesia asset into the world's biggest underground mine after 2016.
- FCX's current deal is due to expire in 2021 but Indonesia's energy and mineral resources minister says a government decision on an extension would be reached before by this July.
- Rio Tinto (NYSE:RIO) has a joint venture with FCX for a 40% share of Grasberg's production above specific levels until 2021, and 40% of all production after 2021.