Freeport Elevated Copper Output Forecast for 2024

SEATTLE (Scrap Monster): Leading copper miner Freeport Indonesia lifted its copper output guidance for the current year, based on hopes of an extension of its copper concentrate export permit, as promised by government authorities.

According to Jenpino Ngabdi, Deputy CEO, Freeport Indonesia, the company has now increased its target for copper concentrate output in 2024 to 3.78 million metric tons, mainly on hopes of a possible approval of export permit extension. It must be noted that the company had earlier pegged at an output target of 2.84 million tons for the current year.

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Also, the company lifted its refined copper output target for 2024 to 1.73 billion pounds from the previous forecast target of 1.42 billion pounds.

Indonesia had imposed ban on shipments of all raw minerals effective June last year, but had granted a one-year long dispensation so as to allow them to achieve completion of construction of its copper smelter. Accordingly, the validity of company’s export permit has ended on 31^st May, 2024. The government had promised to extend the dispensation until the end of the current year, so as to allow exports, but by paying additional levies on shipments, the details of which are not available.

Freeport Indonesia had produced 3.45 million metric tons of copper concentrate during the previous year. Also, the refined copper output by the company had totalled 1.68 billion pounds in 2023.