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Jakarta Post

Trade Ministry ready to issue export permit for Freeport

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, August 31, 2017   /   02:56 pm
Trade Ministry ready to issue export permit for Freeport Trade Minister Enggartiasto 'Enggar' Lukita (JP/Stefani Ribka)

Trade Minister Enggartiasto “Enggar” Lukita has said his ministry is ready to issue a permit for mineral concentrate exports to gold and copper mining firm PT Freeport Indonesia, after US-based Freeport McMoRan agreed reduce its stake in its Indonesian subsidiary to 49 percent and construct a smelter.

Freeport McMoRan CEO Richard Adkerson told journalists on Tuesday that Freeport Indonesia had also agreed to convert its contract of work (CoW) into a special mining license (IUPK) and to increase its state revenue contribution.

Enggar said in Jakarta on Wednesday that Freeport Indonesia only needed to wait 24 hours to obtain the export permit from the time when the company submitted its proposal.

Read also: Freeport agrees to 51% divestment, other terms: CEO

He also promised to facilitate all companies that needed to export their products by accelerating the issuance of permits.

“Soon after the proposal is submitted, we will process it. It takes only two days at most, but we can do it faster. If the proposal is submitted in the morning, the permit is ready at noon, if the proposal is submitted at noon, the permit is ready in the evening, if the proposal is submitted in the evening, the permit is ready at night,” he added as reported by kompas.com.

Freeport Indonesia is seeking to extend its contract for the operation of the Grasberg mine in Papua, which will expire in 2021, to 2041. (bbn)