Freeport-McMoRan Considers Arbitration on Contract Dispute With Indonesia Government
February 20 2017 - 12:52AM
Dow Jones News
By Sara Schonhardt
JAKARTA--Freeport-McMoRan Inc. (FCX) said it was considering
commencing arbitration if it cannot resolve its contract dispute
with the Indonesian government in the next 120 days.
The mining company has submitted to Jakarta descriptions of
breaches and violations of its long-term contract of work with the
government, Freeport said Monday.
The U.S. company said it was committed to complying with
Indonesian law and to continuing negotiations with the government.
Freeport's latest measure is part of a dispute-resolution process
specified in the company's 1991 contract of work.
Chief Executive Richard Adkerson said Freeport wasn't trying to
"dictate" to the government and was prepared to cooperate with
whatever Jakarta decides to do.
"We have sought to compromise with the government and we will
continue to work in good faith to reach a compromise," Mr. Adkerson
told reporters at a briefing in Jakarta.
To make the needed investments in the company's mining
operations and new smelting facilities required by the government,
"we must have long-term certainty about our operating rights," he
said.
Write to Sara Schonhardt at sara.schonhardt@wsj.com
(END) Dow Jones Newswires
February 20, 2017 00:37 ET (05:37 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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