This 51% ownership rule will cause a 14% reduction on copper reserves and a 49% reduction on gold reserves and no impact on molybdenum, as Grasberg has no molybdenum.
Mr Cannonier, a relative newcomer to Bermudan politics, was propelled into power in December 2012 when his One Bermuda Alliance ousted the government of Premier Paula Cox and ended 14 years of rule by the Progressive Labour Party (PLP).