Freeport refuses to sell 51% Indonesia ops, threatens to take government to arbitration

Freeport McMoran, has said that it will not accept the Indonesian government’s demand to convert its contract of work (CoW) into a special permit – locally known as IUPK – which entails the company to divest up to 51 per cent of its Indonesian unit, an increase from previously set 30 per cent. Freeport has also said that it “reserves the right to commence arbitration” if in 120 days the dispute is not resolved.