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1) Freeport Indonesia (PTFI) will need to cut ore production by 40% in 2024 if the miner is not allowed to export concentrate before its smelter reaches full operating capacity according to the CEO of PTFI, Tony Wenas. Indonesia is set to stop exports of copper concentrate in May of 2024 after the government delayed the implementation of a ban from June of this year. PTFI is building a $3 billion copper smelter in East Java which is scheduled to start production in May 2024 but will need time to ramp up to full capacity. Tony Wenas said that the smelter will need "...five to six months to reach 100% capacity" and if the company is not allowed to export concentrate, would in turn need to cut ore production.
Source: Freeport Indonesia will need to slash output in 2024 if not allowed to export concentrate | Reuters
2) Australian Prime Minister Anthony Albanese visited Washington to discuss with the United States on cooperation regarding critical minerals and Pacific Islands infrastructure. The talks focus on expanding Australia's security alliance with the US into a comprehensive economic and technology partnership. Key topics include cybersecurity cooperation and a significant $5 billion Microsoft investment in Australia. Both nations are emphasizing the importance of the Pacific Islands, planning to enhance cooperation in the region despite ongoing Middle East crises. A major initiative involves establishing a critical minerals task force to encourage private investment in Australia's rare earths industry, aiming to reduce global dependance on China. Australia, being a major supplier of minerals like lithium, cobalt, vanadium, copper and nickel aims to play a crucial role in powering the world in the 21st century.