According to Webstock Inc., citing Reuters, on Thursday, March 13, the CEO of copper miner Freeport Indonesia stated that the company hopes to obtain a copper concentrates export permit as soon as possible after the Minister of Energy and Mineral Resources approved the revision of its annual business plan.
Freeport is applying for an export permit due to a fire in the gas purification unit at a newly built smelter in Gresik, East Java, last October, which forced the suspension of copper cathode production. Tony Wenas, CEO of Freeport Indonesia, said, "Our annual business plan was approved yesterday, and we hope to receive the export recommendation from the Ministry of Energy and Mineral Resources today. If approved today, we will immediately apply for the export permit from the Ministry of Trade."
Wenas stated that under the revised business plan, Freeport seeks to export 1.2 million mt of concentrates, but the Ministry of Energy and Mineral Resources has yet to decide on the actual export quota.
An official from the Ministry of Energy and Mineral Resources said they are evaluating the application.
The company currently has an inventory of 400,000 mt of copper concentrates ready for export once the permit is obtained. Wenas said, "We have five to six ships on standby. Once the export recommendation is issued, we hope customs will allow us to load the ships. As soon as the export permit is granted, we can set sail."
Freeport previously stated that due to increased inventory, its mining operations are running at only 40% capacity. The miner has lowered its 2025 concentrate production target by nearly 10% to 3.29 million mt, with a copper production target of 1.67 billion pounds (757,499 mt), down from last year's production of 1.8 billion pounds. Production in 2026 is expected to further decline to 3.15 million mt of concentrates and 1.58 billion pounds of copper.
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