Business
Freeport-McMoRan Announces Agreement for Life of Resource Extension of Operating Rights in Grasberg Minerals District
PHOENIX / Feb 18, 2026 / Business Wire / Freeport (NYSE: FCX) announced today that it has entered into a Memorandum of Understanding (MOU) with the Indonesia
About this update from Freeport-mcmoran, Inc.
[{"type":"text","content":"PHOENIX / Feb 18, 2026 / Business Wire / Freeport (NYSE: FCX) announced today that it has entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights for PT Freeport Indonesia (PTFI) in the Grasberg minerals district. Under the terms of the MOU, the parties agreed to the following: PTFI’s special mining business license (IUPK) will be amended to provide for a life of resource extension of operating rights. PTFI will increase support for communities in Papua, including financial support for a new hospital and two medical educational facilities. PTFI will increase exploration spending and advance studies to identify and develop long-term resources and expansion opportunities. PTFI will continue to prioritize domestic downstreaming through local sales of refined copper, precious metals, sulfuric acid and other products. PTFI will also be positioned to broaden its marketing of refined copper to the United States (U.S.) on market terms should the U.S. require additional supplies of copper. FCX will transfer in 2041 a 12% share interest in PTFI to government interests at no cost, provided the acquiring party will reimburse FCX for its pro-rata costs incurred using book value for investments that benefit the post-2041 period. FCX will maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, the IUPK and other agreements in effect will continue over the life of the resource. Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said: “We value our long-standing partnership with the Indonesia government, the people of Indonesia and Papua, and the mutual trust that has been built over many years. The Grasberg operations have provided substantial benefits to all stakeholders over its six-decade history, and this extension will provide opportunities to continue to build substantial value for all stakeholders in one of the world’s most significant copper and gold deposits.” The extension of operating rights and other agreed terms are subject to the Indonesia government’s issuance of an amended IUPK. PTFI intends to expeditiously complete its extension application refl...