old and copper miner PT Freeport Indonesia (PTFI) has submitted a proposal to extend its special mining permit (IUPK), which will expire on Tuesday, a government official has said.
Energy and Mineral Resources Ministry minerals business supervision director Bambang Susigit confirmed on Tuesday that the proposal had been submitted, adding that government was currently conducting its assessment.
"Yes, they submitted the extension proposal on July 27 and we are currently evaluating it," he told The Jakarta Post without explaining what was being evaluated or the length of the proposed extension.
PTFI received its first IUPK in February 2017, which expired eight months later. The government then extended the IUPK for a second time until December 2017. The government’s third extension expired on July 4.
PTFI spokesperson Riza Pratama could not be reached for comment on the proposal, and did not respond to a question sent via WhatsApp by the Post. Previously, PTFI sought a six-month extension, but the government only granted a one-month extension.
If the proposal is approved, it will be the second time this month that the government has extended the IUPK for the subsidiary of US mining company Freeport-McMoran (FCX).
The extension proposal was submitted two weeks after the government, represented by state-owned mining holding company PT Indonesia Asahan Aluminium (Inalum), signed a head of agreement (HoA) with FCX.
The HoA saw FCX agree to sell its majority stake in PTFI to Indonesia at a value of US$3.85 billion. (bbn)
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