Freeport-McMoRan has committed to building a copper smelter in Indonesia within five years in return for the extension of operating rights at its Grasberg mine. Freeport's rolling export licence expired on Wednesday January 11, and the Ministry of Energy and Mineral Resources issued amendments to Government Regulation No 23, requiring mining companies to divest up to 51% of shares in mining assets, commit to building smelters as well as switching to new IUPK mining licences from current Contracts of Work.