PT Freeport Indonesia (PTFI) prepared an initial investment US$3 billion to build smelter in the country. The construction of the smelter its expected begin in 2020 and ready to operate in Dec. 21, 2023. “In connection with the extension of PTFI’ mining rights from 2031 to 2041, we committed to construct a new smelter in Indonesia. A site for the new smelter has been selected and ground preparation is in progress,” said Freeport – McMoran Copper & Gold Inc. (FCX) in an official statement.
Currently, PTFI continues to mine the final stages of the Grasberg open pit and expects to complete mining in the open pit in fourth quarter (4Q) 2019, subject to geotechnical conditions. Unit of MIND ID has commenced production from its significant underground ore bodies and continues to achieve important milestones to produce large-scale quantities of copper and gold following the transition from the Grasberg open pit.
The company’ estimated annual capital spending on underground mine development projects is expected to average US$800 million per year starting 2019 to 2022. PTFI has commenced extraction of ore from the Grasberg Block Cave underground mine, which is the same ore body historically mined from the surface in the Grasberg open pit.