Freeport Indonesia Mining Permit Extended Until 2041

Indonesia’s Investment Minister and mining company Freeport-McMoRan, along with its Indonesian unit Freeport Indonesia, have signed a memorandum of understanding to extend Freeport Indonesia’s mining permit beyond 2041, according to Freeport-McMoRan chairman Richard Adkerson.

Adkerson spoke at a US Chamber of Commerce event in Washington on Wednesday evening, attended by Indonesian President Prabowo Subianto.

Prabowo had travelled to Washington to attend a meeting of US President Donald Trump’s Presidential Peace Council and to seek lower tariffs in a trade deal with the United States.

“We want the best relationship with the United States in all areas — political, economic,” Prabowo said in his speech at the Chamber of Commerce event.

Meanwhile, Indonesian and American companies on Wednesday signed trade and investment deals worth more than US$7 billion, one day before Indonesian President Prabowo Subianto’s meeting with US President Donald Trump to sign a final trade agreement, according to the US-ASEAN Business Council.

The deals, signed at a dinner hosted by the Chamber of Commerce in honour of Prabowo, included purchases by Indonesian companies of 1 million metric tonnes of US soybeans, 1.6 million tonnes of maize, and 93,000 tonnes of cotton over an unspecified period, according to a US-ASEAN Business Council (USABC) fact sheet.

It was further noted that Indonesia would purchase 1 million tonnes of wheat this year and up to 5 million tonnes by 2030.

The agreements also included a memorandum of understanding between US mining group Freeport-McMoRan (FCX.N) and Indonesia’s Investment Ministry for critical minerals cooperation, as well as an agreement between state oil producer Pertamina and Halliburton Co (HAL.N) to collaborate on oil field recovery, the USABC said.