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Freeport secures copper concentrate export permit
Freeport’s previous export permit expired on May 31 and it took almost a month for the company to acquire a new one.
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PT Freeport Indonesia's Manyar copper smelter and refinery are seen on Feb. 29, 2024, in Gresik, East Java. (JP/Divya Karyza)
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old and copper mining company PT Freeport Indonesia (PTFI) can now resume shipping copper concentrate to foreign buyers until December after the company secured an export permit from the government.
PTFI’s previous export permit expired on May 31, and it took almost a month for the company to acquire a new one.
The company will continue to pay export duties on copper concentrates during the smelter ramp-up period as stipulated in the government’s regulations, United States-based mining giant Freeport McMoRan said in a statement on Tuesday.
“We are pleased to announce this important milestone for our new smelter in Indonesia. Our team executed this large and complex project extremely well and is prepared to deliver the ramp-up to full production safely and efficiently,” Freeport-McMoran CEO Kathleen L. Quirk and board chairman Richard C. Adkerson said in the statement.
“The completion of the project positions PTFI as a fully integrated producer in Indonesia, providing a foundation to extend its long-term operating rights.”
Read also: Freeport completes US$3.7 billion copper smelter
The government began issuing the new permit after PTFI completed its new smelter in Gresik, also known as Manyar, which increases its processing capacity to 3 million tonnes of copper concentrate per year from the previous annual rate of 1 million tonnes.
