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Wednesday, April 21, 2010

Freeport-McMoRan (NYSE:FCX) Selling Grasberg Mine Stake?

Freeport-McMoRan (NYSE:FCX) is in talks about the possibility of selling a stake in its Grasberg mine to Indonesia via its Papua province, or possibly investors from that area.

Chief Executive Officer Richard Adkerson said on a conference call that "It could have some positive strategic benefits in terms of our relationship with the people there."

At this time Freeport owns a 90.64 percent stake in the mine while the Indonesian government owns the remaining 9.36 percent stake. Freeport ha operated the mine for 37 years through its PT Freeport Indonesia subsidiary.

Grasberg is the largest gold mine in the world.

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