The Grasberg mine is the largest gold mine and the third largest copper mine in the world. Located in Papua province in Indonesia near PuncakJaya, the highest mountain in Papua, and has 19,500 employees. It is majority owned through subsidiaries by Freeport-McMoRan, owns 90.64% of PT Freeport Indonesia, a major operating subsidiary in Indonesia, including 9.36% owned by a wholly-owned subsidiary, PT Indocopper Investama.
The Government of Indonesia has the remaining 9.36% PT Freeport Indonesia. FCX operates under an agreement with the Government of Indonesia, which allows Freeport to conduct exploration, mining and production activities in an area of 24,700 hectares (Block A). It also conducts exploration activities in an estimated 500,000 hectare area (Block B). All proven and estimated reserves of Freeport minerals and mining operations are currently in Block A. Production 2006 is 610,800 tons of copper; 58.474.392 grams of gold. And 174.458.971 grams of silver.
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