Freeport's Tough Year: Smelter Completion and Contract Extension

The year 2024 poses significant challenges for Freeport, primarily due to the deadline for completing the smelter project and concluding the contract extension agreement.

Tim Redaksi

27 Jan 2024 - 16.49
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Freeport's Tough Year: Smelter Completion and Contract Extension

Freeport Mine

Bisnis, JAKARTA — Freeport-McMoRan Inc. (FCX) remains committed to completing the construction of the PT Freeport Indonesia (PTFI) smelter, which is slated for completion in May 2024. The development of the new smelter facility in Gresik, East Java, holds significant importance for Freeport, as it aims to alleviate the financial strain caused by export duties on copper concentrate and sustain ore production rates.

During the latter half of 2023, Freeport Indonesia incurred export duties amounting to $307 million, approximately IDR 4.85 trillion (exchange rate of IDR 15,820 per US dollar), as stipulated by the new finance minister's regulations. Freeport's export duty rate stands at 7.5%.

According to Minister of Finance Regulation (PMK) No. 71/2023 concerning Determination of Export Goods Subjected to Customs and Exit Fees signed by Minister of Finance Sri Mulyani on July 12, 2023, companies with smelter progress ranging from 70% to 90% were subject to an export duty rate of 7.5% during July 17 - December 31, 2023. This rate increases to 10% from January 1 to May 31, 2024.

For companies with smelter progress above 90%, the export duty charged is 5% during July 17 - December 31, 2023, and this rate increases to 7.5% during January 1 - May 31, 2024.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Emanuel Berkah Caesario
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Freeport's Tough Year: Smelter Completion and Contract Extension

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