Freeport-McMoRan to divest non-mining assets in Indonesia

As a part of ongoing restructuring, Freeport- McMoRan Copper & Gold (NYSE) is divesting itself of many of its non-mining assets in Indonesia.

In doing so, the Reno-based company hopes to be able to concentrate on mineral production.

Through its subsidiary, P.T. Freeport Indonesia (PT-FI), the company has sold port and marine construction equipment to an Indonesian-based investment company for about US$100 million. The buyer, P.T. ALatieF P&O Port Development, is owned equally by P.T. ALatieF Nusakarya and P&O Australia. Under the agreement, the investment company will provide certain transport and construction services and equipment required by PT-FI at its mining and milling operations in Irian Jaya. Much of this equipment is used to load copper concentrates for ocean shipment.