Inp.polri.go.id - Jakarta. Freeport-McMoRan Inc. (FCX) has officially announced plans to submit an extension for PT Freeport Indonesia’s (PTFI) Special Mining Business License (IUPK) in 2026. 

Following the projected completion of its domestic smelter in 2025, the Phoenix-based mining giant seeks to secure operational rights beyond the current 2041 deadline to ensure long-term stability for its massive underground mining projects in Papua.

"With the completion of PTFI's downstream processing facilities in 2025, FCX and PTFI are continuing discussions with the Indonesian government for the extension of operating rights," the company said in its latest performance report released Friday (23/1/2026), as cited by antaranews.com.

Minister of Energy and Mineral Resources Bahlil Lahadalia is currently negotiating a deal that could see Indonesia’s stake increase by over 10%. Under the proposed terms, FCX would divest further shares to state-owned enterprises by 2042, reducing its ownership to 37% while securing production through 2061.

(mg/inp/pr/rs)