Freeport Indonesia requests copper concentrate export permit

Freeport Indonesia has requested the government relax its copper export ban and allow the miner to export 1.3 million metric tons of copper concentrate until December, worth about $5 billion, its chief executive said on Tuesday.

Resource-rich Indonesia has banned exports of unprocessed ores to try to add value and encourage domestic processing, but Freeport said it needed the relaxation as its new smelter in Manyar, East Java, is undergoing repairs following a fire in October.

Freeport has not exported any copper concentrate since its last export permit expired at the end of 2024 and because of that, its inventory has been rising.

The firm’s copper mining operation was running at 40% capacity at the moment due to rising stockpile, chief executive Tony Wenas told reporters on the sidelines of an economic forum.

“We continue to discuss with the government. We are certain we can be given (export relaxation), the process is ongoing,” Wenas said.

Indonesia’s government has previously indicated in could relax the ban, as long as Freeport meets certain conditions.

The firm could guarantee that repairs at its Manyar smelter would be completed and the smelter would be in operation by the fourth week of June, Wenas said.

Last week, Reuters reported Freeport is expected to resume shipments of copper concentrate from Indonesia this month, citing two sources with knowledge of the matter.

(By Bernadette Christina and Gayatri Suroyo; Editing by John Mair and Martin Petty)