Freeport-McMoRan still waits on an amended special mining business license, the IUPK, for life-of-resource operating rights at Grasberg past 2041. On 18 February 2026 Freeport-McMoRan, PT Freeport Indonesia, and the Indonesia government signed a memorandum. The agreed terms are subject to Jakarta issuing that amended IUPK. PTFI filed the extension in June 2026. Filing is not issuance. The paper has not issued.
PTFI filed in June. Jakarta has not issued the amended IUPK.
The memorandum said FCX would keep 48.76 percent through 2041 and hold about 37 percent from 2042, after a 12 percent interest moves to government parties in 2041. Downstream sales of refined copper stay a priority. A meeting in Washington does not stamp the license in Jakarta.
The current IUPK still runs through 2041. The 2018 paper replaced the Contract of Work and made a new smelter the condition for rights from 2031 through 2041. That mill is the Manyar smelter at JIIPE in Gresik, East Java. A ten-year evaluation, of the kind already sitting in Annex V of the IUPK, is how Jakarta keeps a hand on a life-of-resource grant. The reserve grade stays blank until Jakarta issues the amendment. The tray is empty because the amendment has not issued.
Indonesian wires in August still pointed at a September 2026 restart at Manyar, after the Grasberg Block Cave mudflow of 8 September 2025 starved the furnace of concentrate. The mill can light, or sit, inside the paper PTFI already holds through 2041. Lighting it would finish the downstreaming the 2018 IUPK asked for. It would not print operating rights past 2041. The block cave is underground geology. The furnace in Gresik is a plant. Neither object is the jurisdiction clock.
Morenci, Bagdad, Safford, Sierrita, Chino, and Tyrone already have United States paper. Cerro Verde already has Peruvian paper. Those pits are not this clock. This clock is Jakarta. A print at 72.73 would not issue the license.
Freeport-McMoRan still waits on an amended IUPK for life-of-resource operating rights at Grasberg past 2041. PTFI filed the extension in June 2026. A Manyar restart would not print rights past 2041. A print at 72.73 would not either.
The mill can light inside paper PTFI already holds. Rights past 2041 still need Jakarta.