Indonesia extends Freeport's copper export permit for six months

Indonesia has extended Freeport Indonesia's copper export permit for six months. This decision follows a fire that halted copper production at a new smelter in East Java last October. The energy minister stated the extension allows Freeport to repair the smelter and generate state revenue from royalties. Freeport plans to export 1.2 million metric tons of concentrate under its revised business plan. Currently, Freeport has 400,000 tons of copper concentrate ready for export, pending the necessary permit. The company has not yet commented on the extension.