JAKARTA (Jan 20): The Indonesian unit of Freeport-Mcmoran Inc is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday. The latest rules also require foreign mining companies to divest at least 51% of their holdings in Indonesia. As of Friday, the mining ministry had not issued a recommendation for Freeport to obtain an export permit. According to Coal and Minerals Director General Bambang Gatot, Freeport will have to receive its new mining licence before the government will issue an export permit. Energy and Mineral Resources Minister Ignasius Jonan said it would take a "maximum of 14 days" for Freeport to obtain its new mining licence, once all necessary documents were submitted.

Source: The Edge Markets January 20, 2017 06:13 UTC