This Year, Freeport Invests US $ 500 Million to Build Smelters
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PT Freeport Indonesia has budgeted funds of US $ 500 million for this year to work on processing and refining projects (smelters) new in Gresik, East Java. The project, with an estimated value of around US $ 3 billion, will be funded from bank loans.
Kathleen Quirk
Freeport McMoran Executive Vice President and Chief Financial Officer Kathleen Quirk said, as one of Freeport Indonesia's shareholders, it would bear the economic burden of the smelter project as much as the portion of shares owned, which is 49%. All funds needed for this project will be fulfilled from a bank loan.
At present, he continued, the smelter project is still in the stage of completing the detailed design (front end engineering design / FEED) and land preparation. FEED is targeted to be completed this year so that the investment needs of the smelter project can be immediately ascertained.
"The initial estimate of the project cost is around the US $ 3 billion with a projected budget this year of around the US $ 500 million," he said in a 2019 performance call conference.
Regarding funding from banks, he explained, discussions with the bank went quite well. The talks have been quite advanced regarding the syndication of several banks. He estimates that funding from the bank of US $ 3 billion will be disbursed this year. The reason is, this funding is already needed in 2020.
"We hope that funding from banks will be available in 2020 before there is a need to fund a planned cost of US $ 500 million this year," said Kathleen.
Richard C. Adkerson
Freeport McMoran President and Chief Executive Officer Richard Adkerson added, he was optimistic that he could get funding because the bank's response was quite positive. This is because Freeport Indonesia does not have a debt burden. In addition, the bank is also happy to do business with PT Indonesia Asahan Aluminum (Persero), which also holds a 51% stake in Freeport Indonesia.
"They [the bank] are happy to do business with the Government of Indonesia. So, we get a positive response, "he said.
the Java Integrated Industrial and Port Estate (JIIPE)
The Freeport Smelter is located in the Java Integrated Industrial and Port Estate (JIIPE) industrial area in Gresik, East Java. This smelter project was designed integrated with slime anode purification facilities.
The copper smelter from this project is planned to have a capacity of 2 million tons of concentrate, while the slime anode smelter capacity is 6,000 tons. Freeport Indonesia is committed to completing this smelter no later than 21 December 2023.
Previously, Yunus Saefulhak, Director of Mineral Exploitation for the Ministry of Energy and Mineral Resources (ESDM), said that the development of the Freeport smelter every six months was evaluated for its development. Verification of the smelter construction was carried out by an independent surveyor.
He explained, until July 2019, the cost spent by Freeport Indonesia was recorded at $ 151.7 million. While the physical construction progress of the smelter reached 3.21%, exceeding its six-month plan of 2.76%. The progress achieved is the stage of land maturation.
IN INDONESIA
Tahun Ini, Freeport Investasikan US$ 500 Juta Membangun Smelter
PT Freeport Indonesia menganggarkan dana sebesar US$ 500 juta untuk pada tahun ini untuk menggarap proyek pengolahan dan pemurnian (smelter) baru di Gresik, Jawa Timur. Proyek dengan perkiraan nilai sekitar US$ 3 miliar ini akan didanai dari pinjaman bank.
Executive Vice President and Chief Financial Officer Freeport McMoran Kathleen Quirk mengatakan, sebagai salah satu pemegang saham Freeport Indonesia, pihaknya akan menanggung beban ekonomi proyek smelter tersebut sebesar porsi saham yang dimiliki, yakni 49%. Seluruh kebutuhan dana untuk
proyek ini akan dipenuhi dari pinjaman bank.
Saat ini, lanjutnya, proyek smelter ini masih tahap penyelesaian desain rinci (front end engineering design/FEED) dan penyiapan lahan. FEED ditargetkan rampung pada tahun ini sehingga kebutuhan investasi proyek smelter ini dapat segera dipastikan.
“Perkiraan awal biaya proyek ini sekitar US$ 3 miliar dengan anggaran yang diproyeksikan tahun ini sekitar US$ 500 juta,” kata dia dalam conference call kinerja 2019.
Terkait pendanaan dari bank, jelasnya, diskusi dengan pihak bank berjalan cukup baik. Pembicaraan sudah cukup maju terkait sindikasi dari beberapa bank. Pihaknya memperkirakan pendanaan dari bank sebesar US$ 3 miliar akan dapat dikucurkan pada tahun ini juga. Pasalnya, pendanaan ini sudah dibutuhkan di 2020 ini.
“Kami berharap pendanaan dari bank akan tersedia di 2020 ini, sebelum ada dibutuhkan untuk mendanai rencana biaya US$ 500 juta pada tahun ini,” tutur Kathleen.
President and Chief Executive Officer Freeport McMoran Richard Adkerson menambahkan, pihaknya optimis bisa mendapat pendanaan lantaran tanggapan pihak bank cukup positif. Hal ini lantaran Freeport Indonesia tidak memiliki beban utang. Selain itu, pihak bank juga senang berbisnis dengan PT Indonesia Asahan Aluminium (Persero) yang juga selaku pemegang 51% saham Freeport Indonesia.
“Mereka [pihak bank] senang berbisnis dengan Pemerintah Indonesia. Sehingga, kami mendapat respons positif,” tegasnya.
Smelter Freeport berlokasi di kawasan industri Java Integrated Industrial and Port Estate (JIIPE) di Gresik, Jawa Timur. Proyek smelter ini didesain terintegrasi dengan fasilitas pemurnian anoda slime. Smelter tembaga dari proyek ini direncanakan berkapasitas 2 juta ton konsentrat, sementara kapasitas smelter anoda slime sebesar 6.000 ton. Freeport Indonesia berkomitmen merampungkan smelter ini paling lambat sampai 21 Desember 2023.
Sebelumnya, Direktur Pembinaan Pengusahaan Mineral Kementerian Energi dan Sumber Daya Mineral (ESDM) Yunus Saefulhak mengatakan, pembangunan smelter Freeport setiap enam bulan dievaluasi perkembangannya. Verifikasi pembangunan smelter itu dilakukan oleh surveyor independen. Dia menjelaskan, hingga Juli 2019, biaya yang telah dibelanjakan oleh Freeport Indonesia tercatat sebesar $151,7 juta.
Sementara kemajuan pembangunan fisik smelter tersebut mencapai 3,21%, melebihi rencana per enam bulannya sebesar 2,76%. Kemajuan yang dicapai adalah tahap pematangan lahan.
Investor Daily, Page-9, Tuesday, Jan 28, 2020
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