International mining company Freeport-McMoRan Inc. (“Freeport”) disclosed in a recent securities filing that the Securities and Exchange Commission does not plan to pursue an enforcement action for possible Foreign Corrupt Practices Act violations involving PT Smelting, an Indonesian joint venture between Freeport subsidiary PT Freeport Indonesia (“PTFI”) and Mitsubishi Materials Corporation (‘MMC”). According to Freeport’s Form 10-Q, the SEC informed the Company of the decision on March 17, 2026.
Freeport previously disclosed in March 2026 that it had voluntarily informed both the SEC and the Department of Justice that Freeport had retained outside counsel to examine whether certain activities of PT Smelting violated aspects of the FCPA or other anti-corruption laws. Based on the Form 10-Q, Freeport’s own internal investigation is ongoing. The filing did not comment on the status of the DOJ’s investigation.