Copper Export Ban Could Cause Indonesia to Lose $2 Billion in Revenue Forex Commodities

Freeport has warned the Indonesian government that banning copper concentrate exports in June could lead to a $2 billion loss in revenue for Jakarta.

Freeport Indonesia, controlled by mining giant Freeport McMoran, urged the Indonesian government to relax the ban, despite being a majority shareholder, citing that the Gresik smelter would not operate at full capacity until June.

According to reports from the media, CEO Tony Wenas stated, “If we cannot export, state revenues will decrease by approximately $2 billion at current prices.”

Wenas reiterated that the construction of the Gresik smelter would be completed by May and would be operational the following month, reaching full capacity by the end of 2024.”

source: prepared by Melisa Beğiç

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