In December 2004, PT Freeport
Indonesia completed an updated closure management plan,
representing the company’s latest analyses and strategies on
closure management. PT Freeport Indonesia is committed to
fulfilling its closure obligations, with disturbed areas being
reclaimed by native vegetation or developed in a manner
consistent with decisions made in consultation with local
stakeholders and the Government of Indonesia. The company also
supports the development of the stakeholder communities in the
areas in which we operate.
These positions are consistent with our commitment to integrate
sustainable development considerations within the corporate
decision-making process.
Because of the long life of the mine based on currently proven
and probable reserves — approximately 70 years in total and
extending almost 34 years in the future — the scope of the
closure management plan remains broad. The plan is consistent
with existing Indonesian laws and regulations, current
commitments (Contract of Work, AMDAL, and operational management
plans), international mine closure principles and practices and
the current allocation of financial provisions to fund mine
closure costs. PT Freeport Indonesia’s overall closure strategy
is to identify, monitor and mitigate impacts, both environmental
and social, through ongoing management programs during the
operations phase. This will ensure that decommissioning,
reclamation and environmental monitoring activities required at
closure and during the post-closure phase can be managed
effectively; the effects of mine closure on the local economy
and communities can be managed and the transfer of any remaining
assets and the responsibility for the mining area to the
Government of Indonesia can be achieved smoothly and
efficiently. Funds are being set aside to implement the closure
plan as detailed in the 2006 Annual Report of Freeport-McMoRan
Copper & Gold Inc. The closure management plan will be updated
approximately every five years. |
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