PT Freeport Indonesia (PTFI) has managed to resume its copper concentrate exports after receiving an extension on its export permit until the end of December 2024, while aiming to export a total of 900,000 tons of copper concentrate by the end of the year.
Tony Wenas, President Director of PTFI, said that the company received the permit extension around late June 2024, enabling them to restart their exports, which had been on hold since the previous permit expired on May 31, 2024.
“We received the permit around June 20, so it has only been about two months. Our monthly exports can reach approximately 150,000 tons of copper concentrate,” Tony Wenas said during a meeting at the Ministry of Energy and Mineral Resources on Thursday, August 22, 2024.
Tony further explained that PTFI exports copper concentrate to several countries, including China, South Korea, Japan, and the Philippines. The company has set a target to export a total of 900,000 tons of copper concentrate by the end of December 2024.
With a monthly export volume of 150,000 tons, Tony is optimistic that PTFI will meet its target within the next six months.
“Pray for us, because if we achieve this, the state’s revenue will increase significantly,” he added.
Still, there is a discrepancy regarding the exact date of the permit extension. While Tony Wenas mentioned that the permit was issued around June 20, Freeport McMoran’s official statement indicates that the extension was granted in early July.
According to Freeport McMoran (FCX), PTFI’s parent company, the delay in obtaining the export permit affected their copper sales in the second quarter of 2024.
FCX reported that their copper sales in Q2 2024 amounted to 931 million pounds, which is 5 percent lower than the April 2024 estimate of 975 million pounds and 10 percent lower than the Q2 2023 sales of one billion pounds.
The delay also impacted gold sales. In Q2 2024, gold sales reached 361,000 ounces, a 28 percent decrease from the April 2024 estimate of 500,000 ounces and a 27 percent drop from Q2 2023’s sales of 495,000 ounces.
FCX attributed this decline to the delayed export of anode slime from PTFI due to the late issuance of the export permit in early July.
Despite these challenges, PTFI remains focused on reaching its export targets by the end of 2024, contributing to increased state revenues and maintaining its position as a key player in the global copper market.
