Under Indonesian mining rules, foreign controlled miners are required to reduce their ownership to 49% or below within 10 years of starting operations.
Under a new supply deal signed with Freeport-McMoRan, major Chinese smelters have accepted the lowest processing fees to turn mined ore into finished metal seen since 2011.
The Chilean producer continues to suffer from dire conditions affecting the market of the metal used in batteries that power electric vehicles and high tech electronics.
In total, the company has raised £11.5-million (about $15m) through a sale of new shares to investors, including Greenland Venture and Vaekstfonden, the Danish state’s investment fund.