Freeport-McMoRan secured a life-of-resource extension for its Grasberg copper and gold mine in Indonesia, reaching an agreement with the government to continue operations beyond current permit terms. The deal ensures continuity at one of the world's largest mineral deposits in Papua under existing governance structures.

Under the memorandum of understanding, Freeport will maintain its 48.76% stake in PT Freeport Indonesia through 2041, after which it will transfer a 12% interest to Indonesian government entities at no cost, reducing its holding to approximately 37%. The extension preserves the mine's operational framework while gradually increasing local ownership.

The agreement commits Freeport to higher exploration spending and expanded studies to develop long-term resources and potential expansions at Grasberg. The extension remains contingent on Indonesia issuing an amended license reflecting the agreed terms, with final government approval still required before implementation.