Freeport is expected to resume copper concentrate exports from Indonesia this month.

Webstock Inc., citing foreign media on February 13, reported that Freeport McMoRan is expected to resume shipments of copper concentrates from Indonesia this month under a new export permit, after the previous permit expired in December.

Indonesia restricts raw material exports, forcing companies to refine minerals locally to increase the added value of export products. Freeport has local refining capacity, but due to a fire at the Manyar smelter in East Java last October, the company is seeking to continue exporting copper concentrates.

A source directly familiar with the matter said the miner is set to begin loading shipments on Friday and is expected to obtain the export permit by month-end.

Another source stated that copper concentrates shipped from the company's Grasberg mine are expected to be dispatched by the end of February.

The first source said, "Storage is becoming a big issue. We need to start moving."

Indonesia's Trade Ministry said last week that it would support Freeport in resuming copper concentrate exports.

PT Freeport Indonesia did not respond to text inquiries regarding the shipments. A spokesperson stated that they expect the government to allow the resumption of exports.

Indonesia's Ministry of Energy and Mineral Resources did not respond to questions about the exports.

A third source directly familiar with the matter said Freeport pre-sold a batch of copper concentrates in January with a clause stating that the contract would only take effect if they successfully renewed the export permit.

If exports resume, while it may not reverse the impact of copper concentrate shortages on smelter profits, it could alleviate the situation.