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Biggest Gold Mine Keeps Working as Export Permit Expires

  • Freeport's Grasberg mine in Indonesia didn't get renewal
  • Government has asked for $530 million deposit toward smelter
Updated on

Freeport-McMoRan Inc. said one of the world’s biggest copper and gold mines continues to operate normally after its export license expired without an extension being granted by the Indonesian government.

Mining and milling operations remain normal at the Grasberg deposit in Papua province, Riza Pratama, a spokesman for PT Freeport Indonesia, the company’s local unit, said by text message on Friday. Grasberg’s copper capacity is second only to Escondida in Chile, according to the International Copper Study Group. It has the single largest gold reserves in the world, according to the company’s website.