Freeport sets up environmental fund<\/p>\n
NEW ORLEANS, United States (Reuter): Freeport-McMoRan Copper
\n& Gold said Friday it will create a US$100 million trust fund to
\nclean up environmental damage from an Indonesian mine as part of
\na settlement with a U.S. government agency.<\/p>\n
The Overseas Private Investment Corp (OPIC), the government
\nagency, has agreed to reinstate the $100 million political risk
\ninsurance for Freeport Copper until the end of the year as part
\nof the settlement.<\/p>\n
In November, OPIC canceled coverage for the company's PT-FI
\nIndonesian mining operations, one of the largest copper and gold
\nprojects in the world, because of environmental concerns.<\/p>\n
OPIC told the company in a letter that the project was
\ncreating more mining waste than it had expected and said the
\nproject had \"degraded a large area of lowland rainforest.\"<\/p>\n
The dispute was submitted to arbitration.<\/p>\n
Freeport said Dames & Moore, an environmental impact firm, has
\njust completed a new study on the impact of the mine. The company
\nsaid it will implement recommendations of the study.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-sets-up-environmental-fund-1447893297",
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"sponsor": "Okusi Associates",
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