2016, Freeport's Revenue Only Increased Slightly

Freeport McMoran Inc.'s revenue in 2016 increased slightly by 1.53 percent to US$14.83 billion compared to the previous year. However, throughout 2016, Freeport recorded a loss of US$4.15 billion, lower than the US$12.24 billion loss incurred in 2015. The market capitalization of the mining company, traded under the symbol FCX US, stands at US$18 billion.

Previously, the Indonesian government banned PT Freeport Indonesia from exporting its copper concentrate, effective January 12, 2017. This policy was implemented because the American mining company refused to change its status from a contract of work holder to a holder of a special mining business license (IUPK).

Freeport McMoran's Chief Executive Officer, Richard Adkerson, planned to file a lawsuit with an international arbitration body because the government was deemed to have unilaterally halted the export of PT Freeport's minerals. However, PT Freeport has yet to fulfill its obligation to divest 51 percent of its shares. Furthermore, Freeport has also not yet built a smelter for processing its mined minerals.