Brief: Freeport makes progress in Indonesia permit talks - CEO Adkerson

Franklin Covey

25/01/2018 15:14

Jan 25 (Reuters) - Copper miner Freeport-McMoRan  FCX.N : 
    * SIGNED NEW 2-YEAR LABOR DEAL IN INDONESIA IN DECEMBER - 
CHIEF 
EXECUTIVE ADKERSON 
    * FREEPORT DEBT COULD FALL TO $5 BILLION BY END-2018 IF 
COPPER 
PRICES ARE MAINTAINED AND ALL CASH FLOW USED TO CUT DEBT - CEO 
ADKERSON 
    * FREEPORT LOOKING AT OPPORTUNITIES TO DEVELOP KISANFU 
COBALT 
DEPOSIT IN DRC, INCLUDING PARTNERSHIPS, JOINT VENTURES - CEO 
ADKERSON 
    * FREEPORT HAD SOME SECURITY ISSUES IN INDONESIA LAST COUPLE 
OF 
MONTHS, BUT "GREAT COOPERATION" FROM AUTHORITIES - CEO ADKERSON 
    * FREEPORT PUSHING FISCAL, LEGAL CERTAINTY THROUGH TO 2041 
IN 
PERMIT TALKS WITH INDONESIA - CEO ADKERSON 
    * FREEPORT LOOKING AT PARTNERSHIP WITH PT AMMAN TO DEVELOP 
NEW 
SMELTER IN INDONESIA - CEO ADKERSON 
    * FREEPORT HELPING INDONESIA COMPLETE DUE DILIGENCE ON JV 
PARTNER 
RIO TINTO'S STAKE IN GRASBERG - CEO ADKERSON 
    * FREEPORT'S GRASBERG UNDERGROUND OUTPUT WILL RAMP UP TO 
ANNUAL 
PRODUCTION OF 1 BILLION LBS OF COPPER, 1 MILLION OUNCES OF GOLD 
- CEO ADKERSON 
    * FREEPORT SEES INTERIM DROP IN GRASBERG PRODUCTION IN 2019 
DURING 
TRANSITION TO UNDERGROUND MINING - CEO ADKERSON 
    * FREEPORT SAYS INDONESIAN GOVERNMENT PURCHASE OF RIO TINTO 
JV 
STAKE THE "MOST LIKELY OUTCOME" - CEO ADKERSON 
    * FREEPORT CEO ADKERSON EXPECTS BOARD WILL BE PREDISPOSED TO 
RETURN CASH TO SHAREHOLDERS, VIA DIVIDENDS, WHEN POSSIBLE 
    * FREEPORT, INDONESIA AGREED ON STANDARDS TO SET FAIR MARKET 
VALUE 
FOR DIVESTMENT STAKE, DOLLAR VALUE NOT YET NEGOTIATED - CEO 
ADKERSON 
 
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Further company coverage:  FCX.N  
 
 (Reporting by Susan Taylor) 
 ((susan.taylor1@thomsonreuters.com;))