- Freeport McMoRan (FCX -1.2%) should substantially hike its royalty payments to Indonesia's government if it wants to extend a contract to operate the Grasberg mine, the country's chief natural resources minister says.
- FCX said last week it received assurances from a mining minister that its contract for the huge copper and gold mine would be extended beyond 2021, but new comments from the top minister throw into question the status of contract re-negotiations between the miner and the government.
- FCX agreed in July 2014 to start paying 4% in royalties on copper sales, up from 1.5%-3.5% previously, but the top minister is now telling parliament the company should pay 6%-7%.