Freeport Indonesia raises output target

Freeport Indonesia has raised its output guidance to 3.78 million metric tons for the year as it awaits an extension of its copper concentrate export permit, reported Reuters.

Deputy CEO Jenpino Ngabdi said the output target was lifted assuming the permit extension is approved, which the government has promised. The miner also raised its 2024 refined copper output target to 1.73 billion pounds from 1.42 billion.

The news agency noted that Indonesia banned shipments of all raw minerals from June 2023, but Freeport Indonesia and rival Amman Mineral were given a year-long dispensation to allow them to finish the construction of their copper smelters.

“We are targeting operational start of the JIIPE smelter in early June with the commissioning of the furnace smelter,” Jenpino said, referring to the Java Integrated Industrial and Ports Estate smelter in East Java. 

“The first copper cathode production is expected in August with a feed rate for concentrate of 50%.”

Freeport Indonesia is majority owned by the Indonesian government and operated by U.S. miner Freeport-McMoran.

Source: Reuters

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