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Freeport expects green light for copper concentrate exports in Q1
The US mining giant says it expects to soon get final export approval for local subsidiary Freeport Indonesia, after a fire last October prompted the company to close operations and file an extension request.
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Construction proceeds on Feb. 29, 2024, at the site of the Manyar copper smelter and refinery belonging to PT Freeport Indonesia in Gresik, East Java. (JP/Divya Karyza)
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T Freeport Indonesia (PTFI) has received the government’s green light to resume exports of copper concentrate after a fire late last year halted operations at its new smelter in Gresik, East Java, according to United States-based parent company Freeport-McMoRan (FCX).
The gold and copper miner is currently in talks with the government to finalize approval for exports this year.
“We expect to receive approval in the first quarter, and hope to be in a position to apply for an extension later in 2025,” FCX president and CEO Kathleen Quirk said on Jan. 23, during the company’s fourth quarter 2024 earnings call.
“They [the government] have visited the smelter site and indicated support for allowing us to continue exports during 2025,” she said.
“We understand they are drafting the necessary regulatory changes, and we hope for approval soon.”
Read also: Freeport halts production at new copper smelter after fire
The government has banned exports of raw minerals, including copper concentrate, effective on Jan. 1, as part of its efforts to attract investment into Indonesia’s mineral processing industry and boost export value.
