Mining Ministry Backs Freeport's Copper Concentrate Exports

Indonesia's mining minister said on Tuesday that the government has reached an agreement with Freeport-McMoRan to allow the US miner to apply for a permit to keep operating its giant Grasberg copper and gold mine in the country. (Antara Photo/Muhammad Adimaja)

By : Wilda Asmarini | on 8:13 PM February 17, 2017
Category : Business, Commodities

Jakarta. Indonesia's mining ministry said on Friday (17/02) it has issued a recommendation that is expected to allow the local unit of Freeport McMoRan Inc to resume copper concentrate exports within days.

The announcement comes after a more than one-month stoppage which push global copper prices to 21-month highs this week.

Freeport will be allowed to export 1.1 million tonnes of copper concentrate over the next one year, the mining ministry said in a statement seen by Reuters.