Copper price: What’s in store for 2025
The bellwether metal had a rollercoaster 2024, will next year bring more wild swings?
Indonesian miner PT Amman Mineral Nusa Tenggara has obtained a government permit to export 900,000 wet metric tonnes of copper concentrate until May next year, the company has said.
Amman, a subsidiary of PT Amman Mineral Internasional Tbk, secured the permit which is valid from July 24, 2023 to May 31, 2024, the company said in a statement late on Monday.
Indonesia has banned exports of raw minerals like copper and bauxite starting in June this year to attract investment into its metals processing industry.
However, the government has granted temporary exemptions to some firms like Amman and Freeport Indonesia to allow them to finish constructing their smelters, which were delayed by the pandemic.
“We will strive to complete the smelter by the end of May 2024, the expiry date of the current export permit,” Amman’s president director Rachmat Makkasau said, adding the copper smelter located in West Nusa Tenggara is nearly 60% complete.
Based on this progress, Amman’s copper concentrate shipments would be subject to a 10% export duty, the company added.
Amman Mineral Internasional Tbk on July 7 raised 10.73 trillion rupiah($714.38 million) from its initial public offering (IPO), the biggest in Indonesia this year.
The company plans to use the proceeds to fund several projects, including the $980 million copper smelter.
($1 = 15,020.0000 rupiah)
(By Ananda Teresia and Bernadette Christina; Editing by Kanupriya Kapoor)
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