American miner, Freeport-McMoRan Inc., (NYSE: FCX) aimed to expand its existing copper smelter at Gresik, East Java by 30 percent, said the company yesterday. The company also wants to adding a precious metals refinery in place of constructing an entirely new smelter nearby.

The CEO, Richard Adkerson, said in a statement, the company choose to expand the smelter and adding a precious metals refinery rather than building a new smelter. In addition, He stated, there would have to be an agreement allowing his company to export the excess.

In the report, he announced, the ramp-up of at the Grasberg mines managed by PT Freeport Indonesia (PTFI) in Papua continues to advance on schedule. During third-quarter 2020, a total of 55 new drawbells were added at the Grasberg Block Cave and Deep Mill Level Zone (DMLZ) underground mines, bringing cumulative open drawbells to over 300.