12 September 2022
PT Freeport Indonesia stated that PT Aneka Tambang Tbk (ANTM) will take 30-50 tons of gold produced from the Freeport new copper processing and refining facility, or smelter in Gresik, East Java. President Director of PT Freeport Indonesia said this during a hearing meeting (Rapat Dengar Pendapat/RDP) with Commission VI of the House of Representatives of the Republic of Indonesia (DPR-RI), Monday (9/12).
Tony stated the progress of the smelter construction in Gresik in 2022 is targeted to reach 50%, or with cost incurred of US$1.5 billion or approximately Rp.22.3 trillion (assuming an exchange rate of Rp.14.900 per US$).
The smelter project which processes 1.7 million tons is targeted to be completed in December of 2023, thereafter to be continued with commissioning, thereby the target is to be able to commence producing gold in May of 2024.
“In terms of the product, the offtaker (buyer) of gold is scheduled to be ANTAM, to purchase the gold. Thus, the 30-50 tons gold per year that we will be producing will be taken off by ANTAM, and the sulfuric acid will be taken off by Petro Chemical Gresik and Pupuk Indonesia. Meanwhile, the copper slag will be taken off by Semen Gresik and Semen Indonesia,” he explained in a hearing meeting with Commission VI of the House of Representatives of the Republic of Indonesia, Monday (9/12).
Tony explained, once the new smelter is in operation, this will mean that Indonesia will have the additional copper cathode production of 500 to 600 thousand tons per year over the current 300 thousand tons of copper cathodes per year.
However, of the current production of copper cathodes alone, approximately 150 thousand tons are still exported because it isn’t absorbed by the domestic industries. Therefore, they requested that a copper cathode absorbing industry in the country be built and developed, and thereby enabling the copper cathode production from their smelter to also be absorbed by the domestic industries. “If the downstream industry doesn’t grow, this will 100% be exported as well. Therefore, this presents a lost opportunity that should be able to attract/interest even more downstream investors, for instance electric cable cars and renewable energy plants,” he related.
Tony stated, until the end of July 2022 the physical construction of the Gresik smelter has already reached 36.2%, and it has already absorbed US%1.2 billion of total investment until the end; amounting to US$ 3 billion, or approximately Rp.45 trillion. This year the number of construction workers has already reached 5.000 people and by the year 2023 this number is expected to further increase to 10.000 people.
In terms of the construction, the peak is estimated to require up to 15 thousand workers, where almost 100% of them are Indonesian Workers, and 50% among them are locally recruited workers hailing from East Java.
As previously reported, on October 12, 2021 President Joko Widodo (JokoWi) inaugurated the initial building process, or the groundbreaking, of this new Freeport smelter facility in the Gresik Special Economic Zone (Kawasan Ekonomi Khusus/KEK), in Gresik, East Java.
The president expressed his pride. Because, once this smelter is built, thus it will become the largest single line smelter in the world. “We have been receiving reports that this smelter is being built adopting a single line design, therefore it will become the largest in the world,” thus stated JokoWi on Tuesday (10/12/2021).
http://www.cnbcindonesia.com/news/20220912131335-4-371303/antam-bakal-angkut-50-ton-emas-freeport
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