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Freeport agrees to sell majority stake in Indonesian mining unit

US company eligible for 20-year extension of gold, copper concession

Freeport-McMoRan CEO Richard Adkerson, left, Indonesian Finance Minister Sri Mulyani Indrawati and Energy Minister Ignasius Jonan get ready to address reporters in Jakarta on August 29.

JAKARTA -- Freeport-McMoRan of the U.S. has bowed to Indonesia's demand to divest the majority of its stake in an Indonesian mining unit to local parties. In exchange, the unit will get an extension on its permit to operate one of the world's largest copper mines, in Indonesia's Papua Province, through 2041.

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