Freeport Gets Five-Month Permit to Export Indonesian Concentrate
- Freeport can ship 1.4 mln tons concentrates through Jan. 11
- Government may revise law that bans shipments from January
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Indonesia renewed an export license allowing Freeport-McMoRan Inc. to ship 1.4 million metric tons of concentrate from its Grasberg copper and gold mine through Jan. 11, Marthin Simanungkalit, a director at the Trade Ministry, said in a text message Thursday.
The period is less than the usual six months because Indonesia is set to halt shipments of semi-processed metals including concentrates from Jan. 12. That ban may be postponed in a revision to the 2009 Mining Law, because the collapse in commodity prices has delayed the construction of smelters to refine the materials. Parliament will review the bill later this year.