The second-biggest copper miner in the world, PT Freeport Indonesia (PTFI), plans to invest in constructing a new smelter, processing and refining plant in East Java in August.

The second-biggest copper miner in the world, PTFI, expects to start the construction of a new smelter, processing and refining plant in East Java in August, (Photo by Freeport Mcmoran)

Tony Wenas, CEO of the PTFI, said that after the initial investment of 600 million USD in 2020, the miner will prepare another 1.1 billion USD to continue the project next year.

The smelter is expected to consume 2 million tonnes of copper concentrate per annum and produce at least 500,000 million tonnes of copper cathodes annually, said Wenas.

The construction of the smelter is part of Freeport’s agreement with the Indonesian Government to maintain its mining rights in Grasberg mine in West Papua until 2041.

(Source: VNA)