FREEPORT BOSS AGREES WITH PAPUA GOVERNMENT PLAN TO BUY 15 PERCENT SHARES

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JAKARTA, Indonesia (Oct. 1, 2002 – Joyo Indonesia News/ANTARA/Kabar-Irian)---Freeport McMoRan Copper and Gold Inc. Chief Executive Officer James Moffet has agreed with the plan of the government of Indonesia's Papua province to acquire 15 percent of the shares of the world's largest mining company.

Speaking to news reporters here Tuesday, Papuan Gov. Jaap Salossa said Moffet made the approval during their meeting in the United States last month.

Salossa noted that during the meeting, Moffet reaffirmed the company's commitment to support development in resource-rich Papua.

He said the idea to acquire Freeport shares was linked to the presence of PT Freeport Indonesia, a subsidiary of Freeport McMoRan, which is engaged in copper mining in the province.

Freeport Indonesia has been mining the world's largest copper field in Papua's Timika district since 1967, he said.

He pointed out that the local government and Freeport have agreed to form a special team that would prepare for the purchase of Freeport shares.

The government will discuss the plan with the provincial legislative body, he said.

KABAR-IRIAN ("Irian News") Websites: http://www.irja.org/index2.shtml and http://www.kabar-irian.com  

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