First Quantum mine not on agenda this year, says Panama President
The Panamanian President said Cobre Panama will be addressed as needed, but stressed that there are currently more important priorities such as the social security fund.
Indonesia’s Copper miner Amman Mineral Nusa Tenggara, a unit of Amman Mineral Internasional, has secured a permit to export copper concentrate with quota of 534,000 dry metric tons until Dec. 31 from the government, the company said on Thursday.
The firm secured an export permit after its affiliate Amman Mineral Industri completed their smelter construction, and expects its first copper cathode production in the fourth quarter of 2024.
“This export permit will enhance the company’s financial stability,” said Rachmat Makkasau, president director of Amman Mineral Nusantara in a statement.
In an effort to attract investment into its metals processing industry and boost the value of its exports, the government has started banning exports of copper concentrate on June for 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 final stage of their smelter constructions.
Amman’s new copper smelter facility has input capacity of 900,000 ton copper concentrate per year.
The company is targeting production of 833,000 dry metric tons (dmt) of copper concentrate in 2024, a 54% increase from last year, supported by high-grade ore from Phase 7 at its Batu Hijau mine.
(By Bernadette Christina and Ananda Teresia; Editing by Martin Petty and David Evans)
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