Freeport Pockets Copper Concentrat Export Permit Until June 2023

PT Freeport Indonesia has a recommendation for export of copper concentrate from the Ministry of Energy and Mineral Resources (ESDM) until June 2023.

Freeport President Director Toni Wenas said the number of exports allowed was 2.3 million tons.

"We have received export recommendations from the Ministry of Energy and Mineral Resources for the amount in accordance with RKAB, which is 2.3 million tons," said Toni in a Hearing Meeting with Commission VII DPR RI, Monday, March 27.

He continued, this recommendation was obtained because the progress of PT Freeport's smelter construction until January had reached 54.5 percent or 100 percent of the January target of 52.9 percent.

"That's more than 100 percent of the previous plan of 52.9 percent," added Toni.

Toni said that until the end of February 2023, the progress of the construction of the copper smelter had reached 56.5 percent.

"As of February 2023, the smelter progress has reached 56.5 percent," said Toni in a Hearing Meeting (RDP) with Commission VII DPR RI in Jakarta, Monday, March 27.

Toni revealed that through the construction of this smelter Freeport had disbursed USD 1.83 billion from the company's capital expenditure budget or Capex of USD 3 billion.

As for the construction that has been carried out, among others, has completed 100 percent of the work of the stakepoles, 25 percent of the steel installation was built and 25 percent of the concrete work reached 25.

"This is 50 percent of the total Capex," added Toni.

Despite showing progress, Toni ensured that the target for the completion of this smelter would be delayed from the target because in its construction, this smelter experienced several obstacles, one of which was the COVID-19 pandemic.