- As losses mount on both sides, the Indonesian government and miner Freeport McMoRan (FCX -4.8%) appear determined to resolve a dispute that has crippled operations at the huge Grasberg copper mine since January, Reuters reports.
- FCX says it has lost ~$1B in revenue since copper concentrate exports from Grasberg were halted, while the government has lost millions of dollars in royalties and is worried about layoffs and a slowing economy in the Papua region, where the mine is located.
- Indonesia's compromise that would allow FCX to export its copper concentrate while talks continue over the most contentious issues comes ahead of next week's visit to the country by U.S. VP Pence, who is expected to discuss the dispute.
- Meanwhile, Rio Tinto (LON:RIO) (RIO -4.7%) reiterates its decision to continue discussions about whether to retain its stake in Grasberg; Rio is a joint venture with FCX in Grasberg, with rights to 40% of production above specific levels until 2021 and 40% of all production after 2021.
Original article