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Jakarta Post

Freeport to spend $600m on E. Java smelter

  • The Jakarta Post

Jakarta   /   Thu, February 20 2020   /  01:56 am

Gold and copper miner PT Freeport Indonesia will spend US$600 million in capital expenditure (capex) this year for the construction of a smelter in Gresik, East Java, as part of Indonesia’s downstream efforts for the mining industry.Freeport Indonesia president director Tony Wenas told the House of Representatives Commission VII overseeing energy and mining affairs that the company would increase the capex to $1.1 billion to continue the smelter’s development.“Our [capex] for this year and the next will be huge,” Tony told lawmakers in Jakarta on Wednesday.Freeport Indonesia, which operates the world’s second-largest copper mine Grasberg in Papua, estimates that it would require $3 billion to develop the Gresik smelter, which would have a processing capacity of 2 million tonsThe facility would also produce 550,000 tons of copper cathodes alongside anode slime treatments, which ...