Freeport schedules Grasberg copper shipments as export deal with Indonesia nears

Copper miner Freeport-McMoRan has begun chartering and scheduling shipments of copper concentrate from its Grasberg mine in Indonesia, with an export agreement with the government expected to be finalised in the coming days, several sources with knowledge of the matter told Metal Bulletin.

The company has told counterparties trading and procuring copper concentrates that it expects a deal to be formalised within a week and has begun to lock in shipment schedules. Customers told Metal Bulletin that they have been allocated concentrate shipments to depart Amamapare late April, meaning deliveries should hit major ports in Japan, Korea and India in early May. Freeport was not available to comment when contacted by Metal Bulletin. Freeport has been locked in discussions with Jakarta since mid-January, when its licence to export concentrates expired, forcing it to cut production at PT Freeport Indonesia’s (PTFI) Grasberg mine as a result. That the company is preparing to ship tonnages from Indonesia is the closest indication that it is...

Published

Kiki Kang

Archie Hunter

April 20, 2017

16:59 GMT

London, Singapore