Jakarta. Indonesia has rejected a US request for unrestricted access to its copper supply, reaffirming that only processed copper products -- not raw ore or concentrates -- may be exported under the country’s downstream industrialization policy.

Coordinating Minister for Economic Affairs Airlangga Hartarto said on Friday that the US request could be accommodated, but only if it complies with Indonesia’s regulations requiring all copper to be refined domestically before export.

“The discussion around critical minerals is part of the industrial commodities framework. We're not talking about exporting ore, but industrial products,” Airlangga told reporters at his office in Jakarta.

He said that any copper exports to the US must go through domestic smelting facilities, particularly those operated by Freeport Indonesia, which is one of the country’s largest copper producers.

Airlangga also noted that Indonesia’s sovereign wealth fund, Danantara, is ready to collaborate with the United States to develop a critical minerals ecosystem. Danantara is currently in talks with the US International Development Finance Corporation (DFC) regarding potential investments in the sector, though no financial figures were disclosed.

Copper exports to the US are part of a broader trade agreement between the two countries, which recently included a tariff reduction on goods imported from Indonesia -- from 32 percent to 19 percent.

In return, Indonesia has offered to increase imports of US goods, including energy and agricultural products, Boeing aircraft, and additional investments totaling up to $35 billion.