Freeport Indonesia Pockets Export Permits For Copper Concentrat Until December 2024

JAKARTA - Freeport McMoran (FCX) reports that its subsidiary, PT Freeport Indonesia (PTFI) has obtained a copper concentrate export approval letter (SPE).

Quoted from Business Wire, this permit was obtained on July 2, 2024. Thus, PTFI can export copper concentrate until December 2024.

Previously, PTFI's copper concentrate export license ended on May 31, 2024, and PTFI reportedly did not export copper concentrate during June 2024.

"PTFI will continue to pay export duties at the copper concentrate during the ramp-up smelter period in accordance with Indonesian regulations," said FCX management, Wednesday, July 3.

Management said, as a result of the delay in obtaining the export license for PTFI, FCX hopes that part of the production in the second quarter of 2024 will be sent in the coming period.

As is known, the Government has inaugurated the PT Freeport Indonesia (PTFI) smelter in the JIIPE Special Economic Zone, Gresik, East Java.

PTFI's new smelter is able to purify the copper concentrate with a production capacity of 1.7 million tons. In addition to producing copper cathodes, PTFI smelters also produce anode mud which is then purifyed in Precious Metal Refinery (PMR) into gold and silver bullion, as well as Platinum Group Metals (PGM).

By the end of May 2024, PTFI's investment in the construction of a copper smelter with the world's largest single line design has reached 3.67 billion US dollars or around Rp58 trillion.

Meanwhile, the output of this smelter produces 600,000 to 700,000 copper cathodes.

The smelter will only operate at full capacity by the end of 2024.

While waiting for the PTFI smelter to fully operate, PTFI will still conduct exports of copper concentrate.