The second-biggest copper miner in the world, PT Freeport Indonesia (PTFI), expects to start the construction of a new smelter, processing and refining plant in Java Integrated Industrial and Port Estate (JIIPE), Gresik, East Java in August, 2020. The unit of United States’ Freeport-McMoran Inc. (NYSE: FCX) and PT Indonesia Asahan Aluminium (MIND ID), prepared a budget of US$600 million to construct the smelter. According to the CEO of PTFI, Tony Wenas, the source of funds to finance the project comes from bank loans.