Phoenix-based mining giant Freeport McMoRan announced today that it has failed to reach an export agreement with Indonesia that would allow the company to resume exporting copper ore for production.
Freeport’s Indonesia CEO has resigned, and threats of a total shutdown at the massive Grasberg mine are imminent.
Company CEO Richard Adkerson says Freeport is unwilling to accept Indonesia’s terms.
He also says formal arbitration with the government may be an option. The location accounts for about 30 percent of Freeport’s copper business.
