Reuters
American mining giant Freeport McMoRan will not proceed with plans to build a new copper smelter with China's Tsingshan Holding Group, its local Indonesian unit, PT Freeport Indonesia's spokesman told Reuters on Thursday. Indonesian authorities have for months said that a deal would be made between Freeport Indonesia and the Chinese steel and nickel company to build a new copper smelter worth $2.8 billion. Instead, Freeport Indonesia will go ahead with plans to build a new smelter near its existing copper refining operations in Gresik, East Java.