Freeport to continue investment<\/p>\n
JAKARTA (JP): The cancellation of PT Freeport Indonesia's
\npolitical risk insurance does not affect its commitment to
\ncontinuing investment for mineral exploration in the country, a
\ncompany director, Adrie Machribie, said yesterday.<\/p>\n
The Overseas Private Investment Corporation (OPIC) of the
\nUnited States last month decided to cancel Freeport's US$100
\nmillion political risk insurance due to environmental problems.
\nThe company is a subsidiary of the U.S.-based Freeport MacMoran
\nCopper and Gold Corp.<\/p>\n
Adrie told reporters yesterday that his company, which has
\ninvested $3.5 billion for copper and gold exploration and mine
\ndevelopment in the easternmost province of Irian Jaya, will not
\nchange its production capacity while its dispute with OPIC is
\nbeing discussed by the American Arbitrary Association.<\/p>\n
\"We hope the result of the discussion will be produced next
\nmonth,\" he said.<\/p>\n
Adrie said his company, which currently has a mining
\nconcession of 2.6 million hectares, needs a minimum investment of
\n$1 billion for exploration.<\/p>\n
He acknowledged that Freeport Indonesia has not recovered its
\ninvestment for its activities in Irian Jaya.(04)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-to-continue-investment-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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