The Grasberg Mine is the largest gold mine and the third largest copper mine in the world. It is located in the province of Papua in Indonesia near Puncak Jaya, the highest mountain in Papua, and it has 19,500 employees. It is mostly owned by Freeport-McMoRan, which owns 90.64% of PT Freeport Indonesia, the principal operating subsidiary in Indonesia, including 9.36% owned through its wholly owned subsidiary, PT Indocopper Investama. The Government of Indonesia owns the remaining 9.36% of PT Freeport Indonesia. FCX operates under an agreement with the Government of Indonesia, which allows Freeport to conduct exploration, mining and production activities in a 27,400-acre area (Block A). It also conducts exploration activities in an 413,000-acre area (Block B). All of Freeport's proven and probable mineral reserves and current mining operations are located in Block A.