Production and Sales Boosted
The development of PT Freeport Indonesia's Grasberg underground mine production continues on schedule.
Based on the performance report for the second quarter of 2021, Freeport-McMoRan Inc. (FCX), a shareholder of Freeport Indonesia (PTFI), the average production capacity of Freeport's underground ore reached around 78% in the second quarter of 2021. Production capacity is expected to reach 100% by the end of this year.
Meanwhile, the combined average ore production at the Grasberg Block Cave underground mine and the Deep Mill Level Zone (DMLZ) reached 118,300 metric tons of ore per day. During the second quarter of 2021, Grasberg Block Cave achieved a record daily production of 107,000 metric tons per day.
PTFI added 41 new drawbells at the Grasberg Block Cave and DMLZ underground mines, bringing the total drawbells opened to date to more than 460.
"It's very important that the upgrade of our Grasberg underground mine goes on schedule. This is incredible and I would say a historic success for our company and even the mining industry," said Freeport-McMoRan Chairman & CEO Richard C. Adkerson in a conference call, Thursday night (22 /7) local time.
The completion of this underground mine ramp-up is expected to enable PT Freeport Indonesia to produce an average annual production of 1.55 billion pounds of copper and 1.6 million ounces of gold over the next few years.
PTFI targets copper and gold production in 2021 to almost double compared to last year. This year's copper production is targeted to reach 1.3 billion pounds, while gold will reach 1.3 million ounces.
In addition, copper and gold commodities also recorded significant production and sales during the first semester of 2021 compared to the same period last year.
As for the copper produced by PTFI until June 2021, it reached 606 million pounds, an increase of 88.78% compared to the realization of production in the same period last year which reached 321 million pounds.
Freeport's copper sales also increased. In the first 6 months of this year, copper sales reached 568 million pounds, up 89.97% compared to sales in the same period last year of 299 million pounds.
Bisnis Indonesia, Page-4, Monday, July 26, 2021
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