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Copper June 28, 2024 09:30:04 PM

Freeport Announced Launch of Gresik Copper Smelter

Paul Ploumis
ScrapMonster Author
The smelter facility is expected to start operating at half capacity in August this year, when it will produce its first cathode.

Freeport Announced Launch of Gresik Copper Smelter

SEATTLE (Scrap Monster): Freeport Indonesia announced launch of its $3.7 billion copper smelter in Gresik, East Java. The majority stake in the smelter, operated by U.S. mining major Freeport McMoran, will be owned by the Indonesian government.

The smelter facility is expected to start operating at half capacity in August this year, when it will produce its first cathode. The facility is expected to reach full capacity by December 2024. The smelter’s total input capacity is estimated at around 1.7 million metric tons of copper concentrate. The output capacity is predicted at around 650,000 tons of copper cathode and 50 to 60 tons of gold, said Tony Wenas, Chief Executive Officer, Freeport Indonesia.

Wenas predicted that there will be need for more copper as he expects huge jump in copper demand, driven by increased transition in energy sources to renewable and sustainable sources by countries around the world.

Indonesia had imposed ban on export of raw minerals with effect from June last year. However, it had exempted Freeport Indonesia from the ban, thus allowing them to ship copper concentrates until 31st May, 2024, to allow it to finish construction of the smelter. Incidentally, Freeport Indonesia has requested the country’s government to extend the ban until the end of 2024.

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