Freeport Project Investment Smelter Less than US $ 100 Million
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The investment for the construction of the PT Freeport Indonesia ore processing and refining plant this year is estimated to be no more than US $ 100 million. Along with the increasing investment, planning for funding the smelter is expected to be carried out later this year.
Freeport McMoRan Chief Executive Officer Richard Adkerson acknowledged, before the agreement with the Indonesian Government in December last year, it was not yet serious working on smelters in Indonesia. However, after that, Freeport committed to working on this project at full speed.
"We have determined the location, we work with engineers. So we have done some preliminary preparatory work, but we are now working fully on this [building a smelter], ”he said in the Conference Call for Quarter I-2019, Thursday (25/4).
However, this smelter investment has not been too large this year. According to Freeport McMoran's Executive Vice President and Chief Financial Officer Kathleen Quirk, the investment in the smelter project is still less than US $ 100 million in 2019.
Smelter in PT Smelting Gresik East Java
The reason is that the work carried out is limited to land preparation and front end engineering design / FEED. In the future, he continued, investment in smelters will increase. Although, it has not been able to ascertain how much investment until the FEED is complete.
"But we estimate [smelter investment] to be around US $ 500 million next year," Quirk said.
Adkerson added that the funding of the smelter will be fully borne by Freeport Indonesia. It does not anticipate the cash needs of Freeport McMoRan for this smelter project. If later the smelter project is funded with a loan, it will have an impact on increasing Freeport McMoRan's consolidated debt.
"But the cash needs will come from PTFI and this is all in our agreement last December with the government," he said.
Quirk explained that later PTFI or new project companies would have separate financing arrangements. Currently, it is evaluating potential partners and funding plans for the smelter project in Indonesia. It hopes that by the end of this year, it will have a funding plan.
"But the discussion about this is still ongoing," he said.
Regarding the plan to build a smelter with PT Amman Mineral Nusa Tenggara that had arisen, Adkerson said, his party still continued to communicate with Amman. However, Amman has decided to start its smelter project. While it will focus on working on its smelter in Gresik, East Java. However, it is open if Amman wants to join the smelter project in Gresik.
"For now, there is no plan yet. And we also talk with other international investors who are interested in offtake [in the Gresik smelter project], "he said.
the Java Integrated Industrial and Port Estate (JIIPE) Industrial
Freeport Indonesia plans to build a copper smelter with a capacity of 2 million tons of concentrate. The smelter project is located in the Java Integrated Industrial and Port Estate (JIIPE) Industrial Zone in Gresik, East Java. The investment value of this project is estimated to be around US $ 2.3-3 million.
Previously, Director of Mineral Business Development of the Ministry of Energy and Mineral Resources (ESDM) Yunus Saefulhak said the smelter's progress was still around 2.8%. The achievement was because Freeport replaced the technology service provider from Mitsubishi to Outotec.
"At the beginning it was gentle. But later 2020 has entered the construction phase, "Yunus said.
In accordance with the agreement, the project is targeted to be completed no later than 2023.
IN INDONESIA
Freeport Proyeksikan lnvestasi Smelter Kurang dari US$ 100 Juta
Investasi pembangunan pabrik pengolahan dan pemurnian bijih (smelter) PT Freeport Indonesia pada tahun ini diperkirakan tidak lebih dari US$ 100 juta. Seiring dengan akan semakin besarnya investasi, perencanaan pendanaan smelter ini diharapkan bisa dilakukan akhir tahun ini.
Chief Executive Officer Freeport McMoRan Richard Adkerson mengakui, sebelum adanya perjanjian dengan Pemerintah Indonesia pada Desember tahun lalu, pihaknya belum serius mengerjakan smelter di Indonesia. Namun, setelah itu, Freeport berkomitmen mengerjakan proyek ini dengan kecepatan penuh.
“Kami sudah menetukan lokasinya, kami bekerja dengan para insinyur. Jadi kami sudah melakukan beberapa pekerjaan persiapan awal, tetapi kami kini bekerja penuh untuk ini [membangun smelter] ,” kata dia dalam Conference Call Kuartal I-2019, Kamis (25/4).
Meski demikian, investasi smelter ini belum terlalu besar di tahun ini. Menurut Executive Vice President and Chief Financial Officer Freeport McMoran Kathleen Quirk, investasi proyek smelter ini masih kurang dari US$ 100 juta pada 2019.
Pasalnya, pekerjaan yang dilakukan baru sebatas penyiapan lahan dan melanjutkan rekayasa rinci (front end engineering design/ FEED). Ke depannya, lanjut dia, investasi smelter akan membesar. Walaupun, pihaknya belum dapat memastikan seberapa besar investasi sampai FEED selesai.
“Tetapi kami memperkirakan [investasi smelter] sekitar US$ 500 juta pada tahun depan,” ujar Quirk.
Adkerson menambahkan, pendanaan smelter ini sepenuhnya akan ditanggung Freeport Indonesia. Pihaknya tidak mengantisipasi kebutuhan kas dari Freeport McMoRan untuk proyek smelter ini. Jika nantinya proyek smelter ini didanai dengan pinjaman, tetapkan berdampak pada peningkatan utang konsolidasi Freeport McMoRan.
“Tetapi kebutuhan kasnya akan berasal dari PTFI dan ini semua ada di perjanjian kami pada Desember lalu dengan pemerintah,” tuturnya.
Quirk menjelaskan, nantinya PTFI atau perusahaan proyek baru akan memiliki pengaturan pembiayaan terpisah. Saat ini, pihaknya tengah mengevaluasi mitra potensial dan rencana pendanaan untuk proyek smelter di Indonesia tersebut. Pihaknya berharap, pada akhir tahun ini, sudah memiliki rencana pendanaan.
“Tetapi diskusi tentang ini masih berjalan,” ujar dia.
Terkait rencana pembangunan smelter dengan PT Amman Mineral Nusa Tenggara yang sempat muncul, Adkerson mengungkapkan, pihaknya masih terus berkomunikasi dengan Amman. Namun, Amman telah memutuskan untuk memulai proyek smelternya.
Sementara pihaknya akan fokus menggarap smelternya di Gresik, Jawa Timur. Meski demikian, pihaknya terbuka jika Amman ingin bergabung di proyek smelter di Gresik.
“Untuk sekarang, memang belum ada rencana itu. Dan kami juga bicara dengan investor internasional lain yang berminat dalam hal offtake [di proyek smelter Gresik],” kata dia.
Freeport Indonesia berencana membangun smelter tembaga berkapasitas 2 juta ton konsentrat. Proyek smelter ini berlokasi di Kawasan Industri Java Integrated Industrial and Port Estate (JIIPE) di Gresik, Jawa Timur. Nilai investasi proyek ini diperkirakan sekitar US$ 2,3-3juta.
Sebelumnya, Direktur Pembinaan Pengusahaan Mineral Kementerian Energi dan Sumber Daya Mineral (ESDM) Yunus Saefulhak mengatakan, progres smelter itu masih sekitar 2,8%. Pencapaian itu karena Freeport mengganti penyedia jasa teknologi dari Mitsubishi menjadi Outotec.
“Diawal-awal memang landai. Tapi nanti 2020 sudah masuk tahap konstruksi,” kata Yunus.
Sesuai kesepakatan, proyek ini ditargetkan selesai paling lambat pada 2023 mendatang.
Investor Daily, Page-9, Saturday, April 27, 2019
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