Freeport signs agreement with Indonesian tribes<\/p>\n
NEW ORLEANS (AP): Freeport-McMoRan Copper & Gold Inc. said
\nMonday it has signed an agreement setting up a trust fund for
\noriginal tribal inhabitants of the area around the Grasberg mine
\nin Indonesia.<\/p>\n
The agreement was signed by the New Orleans-based firm, its
\nmining affiliate, PT Freeport Indonesia, and community leaders
\nfrom indigenous groups of Irian Jaya, Indonesia, according to a
\nFreeport-McMoran news release.<\/p>\n
\"Under the agreement, PT-FI will fund US$500,000 per year to
\nthe trust and will initially provide $2.5 million representing
\nfunding for 1996 through 2000,\" the news release said.<\/p>\n
\"The Amungme and Kamoro tribal leaders expressed a desire for
\nan equity ownership in PT-FI's operations in Irian Jaya and
\nintend to use a portion of the funds to buy shares of FCX in the
\npublic market to be owned and held by the trust.\"<\/p>\n
The Grasberg mine in West Papua province, is the world's
\nlargest copper and gold mine.<\/p>\n
Its operation has been a contentious issue for many West
\nPapuans who have claimed they are not benefiting from mine's
\nprofits. Many have said in the past that the mine has caused
\nextensive damage to the environment - a charge the company
\nvehemently denied.<\/p>\n
The signing of the agreement is the latest evidence of an
\nimproving relationship between Freeport and the tribes.<\/p>\n
Thom Beanal, chairman of an Amungme organization known as
\nLEMASA, was quoted in the Freeport release as saying the new
\nagreement benefits all parties.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-signs-agreement-with-indonesian-tribes-1447899208",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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