Loading ...Indonesia cheers Freeport ‘win’ as Grasberg valuation fight looms
JAKARTA (Reuters) – Indonesia’s government left no doubts as to who it believes got the better deal in its landmark agreement with Freeport McMoRan Inc (FCX.N) on the future of the Grasberg copper mine.
After Freeport agreed to divest a 51 percent stake in Grasberg, the world’s second-biggest copper mine, Indonesia’s Energy and Finance Ministries posted on social media #FreeportTaatIndonesiaBerdaulat, or “Freeport is obedient, Indonesia is a sovereign state”.
The bombastic statement illustrates Indonesia’s view that the dispute with Freeport over the mine was all about asserting the country’s rights to its mineral resources. While Indonesia can point to a victory that appeals to nationalist sentiment, pinning down the details on the divestment indicates a further fight with Freeport.