Freeport Indonesia says yet to receive copper concentrate export permit extension

COPPER miner Freeport Indonesia has not yet received a copper concentrate export permit extension from Indonesia’s government, the company’s spokesperson said on Monday (Jun 3).

Freeport’s previous permit was valid until May 31.

The government has agreed to extend the export permit until Dec 31 with an additional export levy, but the regulation has not been published.

To attract investment into its metals processing industry and boost the value of exports, the government has this month started banning exports of copper concentrate by companies who do not build domestic smelter facilities.

However, considering the importance of production continuity and the government’s downstreaming target, Jakarta agreed to extend the export permit for companies which have reached the final stages of their smelter constructions.

Freeport Indonesia is building copper smelters expected to start operation in June.

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The company said the new smelters would need months to ramp up capacity to absorb their copper concentrate output and excess output could disrupt mining activities. REUTERS