Freeport-McMoRan said it entered into an MOU on February 18, 2026 with the Indonesia government, together with its 48.76%-owned subsidiary PTFI, for a life-of-resource extension of operating rights for PTFI in the Grasberg minerals district.

1. 01

   Freeport-McMoRan said it entered into an MOU on February 18, 2026 with the Indonesia government, together with its 48.76%-owned subsidiary PTFI, for a life-of-resource extension of operating rights for PTFI in the Grasberg minerals district.

2. 02

   The company said the extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government's issuance of an amended IUPK. It said PTFI plans to expeditiously complete its extension application reflecting the agreed terms.

3. 03

   Freeport-McMoRan said the MOU calls for amending PTFI's IUPK to grant an extension of operating rights for life-of-mine resources, evaluated every 10 years, and that the existing nail down provisions for fiscal terms, operating rights and obligations will remain in place under the current IUPK.

4. 04

   The company said that under the MOU, FCX will transfer a 12% interest to the Government of the Republic of Indonesia free of charge in 2041. The acquiring party will reimburse FCX for its pro-rata cost, using book value, for investments that benefit the period after 2041. It also said FCX will maintain control over operations for the life of the project.

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