- Freeport McMoRan (FCX -5.1%) fails to reach a deal with Indonesia's government on extending its six-month export permit, which is set to expire today, potentially halting shipments from the country's Grasberg copper and gold mine.
- FCX says it remains in discussions and believes the government ultimately will issue the license, but a mines ministry official says no new meeting has been scheduled.
- Indonesia has asked for a $530M deposit toward building a new smelter in exchange for prolonging the permit, a request CEO Richard Adkerson said this week was inconsistent with the company’s prior understanding with the government.
- RBC Capital reiterates its Market Perform rating on the shares but cuts its price target to $6.50 from $8.