Fedina S. Sundaryani The Jakarta Post

Jakarta | Thu, March 16, 2017 | 06:01 pm

Negotiations between the government and gold and copper mining company PT Freeport Indonesia continue almost one month after the firm submitted its complaints and threatened to take the case to international arbitration.
Tony Wenas, who takes part in the negotiations as Freeport Indonesia executive vice president, said no solution had been reached since negotiations started.
"The discussions are still ongoing, and we are trying to find the best resolution for the future," he said on Thursday.
Tony declined to disclose what exactly was the deadlock keeping the two parties from concluding their negotiations.
Freeport has refused to accept the government’s demand to convert its contract of work (CoW) agreement into a special mining license (IUPK). The company argues that an IUPK would effectively annul its CoW signed in 1991.
Freeport says it does not want to give up the rights listed in its CoW, including protection of its long-term investments.
Under new government regulations, Freeport is required to gradually divest 51 percent of its shares to Indonesian entities.
Tony met with Coordinating Political, Legal and Security Affairs Minister Wiranto on Thursday, a day after visiting the Energy and Mineral Resources Ministry to discuss the issue with officials there. (bbn)

summary

Freeport negotiations with government continue

negotiations between the Indonesian government with companies pt freeport have not found a satisfactory result even this case will be brought to international arbitration. tony wenas as executive vice prsesiden pt. freeport declare negotiations until now still not getting positive results for the future. PT. Freeport refused to change statusny of the contract of work (KK) into a special mining license (IUPTK), PT Freeport firmly rejected and in government regulations PT. Freeport divested by 51 percent sequentially

 New Vocabullary
submitted : disampaikan
executive : eksekutif
 ongoing : terus-menerus
threatened : terancam
argues : berpendapat
 concluding : penutup
demand : permintaan