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1) The Indonesian government is in talks with US miner Freeport-McMoRan to extend its permit, under the condition that the company gives up an additional 10% stake. Freeport's mining permit at its Grasberg operation is set to expire in 2041, and the government currently holds a 51% stake in the operation. Freeport is also constructing its second smelter in Gresik with a projected capacity of 1.7 million tons of concentrates. "The [copper] concentrates are forecast to run out in 2035. Production will start to drop as reserves begin to dry up. What Freeport is producing today came from mining exploration back in the 1990s. Exploration takes 10-15 years. If we do not extend the permit, Freeport might shut down in 2035-2040,” Investment Minister Bahlil Lahadalia recently told reporters in Jakarta. Another prerequisite for the contract extension is for Freeport to build a smelter in Papua, according to Bahlil, refusing to give a timeline or further details as the negotiations are still ongoing. “Freeport generates between $1.3 billion and $1.4 billion in dividends. [...] We own 51 percent of the shares. If [Freeport’s] valuation is at $20 billion, that means Indonesia makes a profit of over $10 billion. So why would we kill off this asset?” Bahlil said.\
2) Canadian Prime Minister, Justin Trudeau, said that Teck Resources is a "great company" that is important to the country's economy, and any takeover bid for the miner will have to get through a "rigorous process" to win the government's approval. Trudeau said that the fight with Glencore is "certainly something that we're looking very, very carefully at because it is important to have these great companies in Canada." Teck shareholders recently voted to not separate its coal and metals divisions into two spin off companies. “What’s more important to me is the company behaving the right way towards the environment, whether it’s a local company or a foreign multinational,” Trudeau said. “We have high and stringent expectations, not just on environmental issues but on partnership with indigenous peoples.”