KONTAN.CO.ID-JAKARTA. The Ministry of Energy and Mineral Resources (ESDM) will revise the Government Regulation (PP) to pave the way for PT Freeport Indonesia (PTFI) to obtain a contract extension more quickly. In PP 96 of 2021 Article 109 Paragraph (5) the extension of the Production Operation activity period for Metal Mineral and Coal Mining is proposed to the Minister at least 5 years or at the latest 1 year before the end of the Production Operation activity period. Now, PTFI's mining permit will only expire in 2041, so referring to PP 96/2021, Freeport should only be able to apply for a permit extension in 2036 or at the latest 2040. However, with the revision of the PP, Freeport can obtain an extension of the Special Mining Business Permit (IUPK) 20 years more until 2061 more quickly.
Indonesia Will Revise Government Regulation for Freeport to Extend Contract Sooner
KONTAN.CO.ID-JAKARTA. The Ministry of Energy and Mineral Resources (ESDM) will revise the Government Regulation (PP) to pave the way for PT Freeport Indonesia (PTFI) to obtain a contract extension more quickly. In PP 96 of 2021 Article 109 Paragraph (5) the extension of the Production Operation activity period for Metal Mineral and Coal Mining is proposed to the Minister at least 5 years or at the latest 1 year before the end of the Production Operation activity period. Now, PTFI's mining permit will only expire in 2041, so referring to PP 96/2021, Freeport should only be able to apply for a permit extension in 2036 or at the latest 2040. However, with the revision of the PP, Freeport can obtain an extension of the Special Mining Business Permit (IUPK) 20 years more until 2061 more quickly.