Freeport to Focus on Smelter
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Following the divestment deal andthe 20-year contract extension, gold and copper miner PT Freeport indonesia (PTFI) plans to focus on develop a smelter and the underground mine at its Grasberg facility in Papua.
Freeport Mc. MoRan CEO Richard Adkerson said the government had underlined the importance of constructing the smelter as stated in the definitive special mining permit, which allows PTFI to extend its operational contract to 2041.
"We are committed to complete the [smelter] construction within five years"Adkerson said as quoted by kontan.co.id, adding that Freeport would invest US$ 20 billion toward its mining operations and development until 2041.
PTFI corporate communications vice president Riza Pratama said that a major part of the fund would go toward developing Grasberg's underground mine.
Tony Wenas
PTFI president director Tony Wenas stressed the importance of developing the underground mine, because the open-pit mine was expected to be depleted in 2019.
"As much as $14 billion has been added to the underground mine’s development until 2041" said Tony.
State-owned mining holding company PT Indonesia Asahan Aluminium (lnalum), the new majority shareholder of PTH, confirmed Riza's statement.
Jakarta Post, Page-14, Wednesday, Dec 26, 2018
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