Freeport Boss Says Mining Permit Extension Beyond 2041 Has Been Submitted

PT Freeport Indonesia (PTFI) has confirmed that the company has submitted a proposal to extend its Special Mining Business Permit (IUPK), which is currently valid until 2041. PTFI President Director Tony Wenas stated that the application for the post-2041 IUPK extension has been filed with the Ministry of Energy and Mineral Resources (ESDM). “Perhaps the IUPK extension is still being evaluated by the government, by the Ministry of ESDM. But we have already submitted it,” he said when met at the DPR RI Building in Jakarta on Tuesday (14/7/2026). The certainty of the IUPK extension for PTFI was previously agreed upon through the signing of a Memorandum of Understanding (MoU) between the Indonesian Government, Freeport-McMoRan, and PT Freeport Indonesia in Washington D.C., United States, on Wednesday, 18 February 2026. The agreement states that the PTFI IUPK extension plan will be submitted for the entire life of its mineral resources. The MoU between the Indonesian Government, FCX, and PTFI includes several key points: PTFI’s Special Mining Business Permit will be amended to provide an extension of resource operating rights. PTFI will increase support for communities in Papua, including financial support for a new hospital and two medical education facilities. PTFI will increase exploration spending and advanced studies to identify and develop long-term resources and expansion opportunities. PTFI will continue to prioritise domestic downstream processing through local sales of processed copper, precious metals, sulphuric acid, and other products. PTFI will also be positioned to expand the marketing of its processed copper to the United States on market terms if the US requires additional copper supply. In 2041, FCX will transfer 12 percent of its shares in PTFI to the Indonesian Government at no cost, provided the acquiring party reimburses FCX’s pro-rata costs incurred at book value for investments benefiting the post-2041 period. FCX will retain its current 48.76 percent ownership in PTFI until 2041 and hold approximately 37 percent starting in 2042. The existing governance and operating structure, shareholder agreement provisions, IUPK, and other applicable agreements will continue throughout the life of the resource. Freeport-McMoRan Chairman Richard C. Adkerson and FCX President and Chief Executive Officer Kathleen Quirk expressed appreciation for the long-term partnership with the Indonesian Government. They affirmed that the mining permit extension would provide opportunities to continue building substantial value for all stakeholders. “The Grasberg operations have delivered substantial benefits to all stakeholders over their six-decade history, and this extension will provide opportunities to continue building substantial value for all stakeholders in one of the world’s most significant copper and gold deposits,” Richard and Kathleen stated. PTFI concluded by confirming that the extension of operating rights and other provisions have been agreed upon, subject to the issuance of a revised IUPK by the Indonesian Government. PTFI plans to complete the extension submission process promptly in accordance with the approved requirements.