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Indonesia's Papua to buy Freeport stake

JAKARTA - The Papua provincial administration said it will team up with four or five investors to buy a 9.35% stake in US mining company Freeport Indonesia at a price of US$700 million.

Freeport operates large copper and gold mines in Papua.

Papua Governor J P Salossa said cooperation with investors is needed as his administration has not enough funds to buy the shares on its own.

Salossa said he has sent a letter to Energy and Mineral Resource Minister Purnomo Yusgiantoro to convey his intention.

"We are only waiting for a reply from the minister to implement the plan and buy the stake," he said after a meeting with President Susilo Bambang Yudhoyono on Thursday.

(Asia Pulse/Antara)

Nov 6, 2004

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