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In 2016, Freeport McMoRan recorded a loss of US$4.15 billion, a 66 percent decrease compared to the previous year's loss. This marks the third year of losses since 2014 for the American mining company. In 2014, the parent company of PT Freeport Indonesia incurred a loss of US$1.3 billion, which then surged by 835 percent to US$12.23 billion in 2015.
Freeport McMoRan's Chief Executive Officer, Richard Adkerson, plans to file a lawsuit with an international arbitration body if no agreement is reached within 120 days of negotiations with the Indonesian government. The government is considered to have unilaterally halted PT Freeport's mineral exports since January 12, 2017.
The government halted PT Freeport Indonesia's concentrate exports because the company refused to change its status from a contract of work holder to a special mining business license (IUPK) holder. However, Law Number 4 of 2009 stipulates that mining companies wishing to continue exporting must change their contracts to IUPKs as of January 1, 2014.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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