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1) Freeport McMoRan is seeking approval from Indonesia to continue exporting mined copper beyond a May deadline as it completes a new smelter in East Java, a project at the government's request. “We are going to have to work with the government to allow us to continue to export during the ramp-up,” Kathleen Quirk, president of Freeport, said in an interview in London. “I think from a public perception standpoint, that milestone of getting construction done will be a big deal and will allow us to get some more flexibility with the exports.” Freeport secured a temporary exemption from a copper export ban while building the smelter by faces potential stockpile issues if the permit expires in May 2024. The completion of the smelter is seen as a milestone in Indonesia's efforts to develop downstream processing in the metals and mining industry. Freeport's CEO, Richard Adkerson, mentioned that the economics of building a new copper smelter are challenging, but the government is committed to the downstreaming policy. “Economically, you cannot build a case for building a new copper smelter,” he said, noting that there is an excess of smelting capacity in China and the rest of the world. “But the government was so committed to this downstreaming policy, which, candidly, makes more sense for other minerals than for copper.” The completion of the smelter could impact the global market for copper concentrates and the processing fees Freeport negotiates with smelter.
2) Vale, the Brazilian mining giant, does not plan to seek new partners for its base metals unit following a recent equity sale. Instead, they are considering the possibility of an IPO (initial public offering) for the unit within 3 to 4 years, according to CEO Eduardo Bartolomeo. Vale's current focus is on executing projects and accelerating growth within its Vale Base Metals division. The company recently committed $10 billion for investments in Indonesia as part of its larger plan to spend $25-30 billion on projects in Brazil, Canada, and Indonesia over the next decade. Vale aims to significantly increase copper and nickel production by 2030. THey plan to nearly triple copper output to 900,000 tons a year and almost double nickel production to 300,000 tons per year.