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U.
S.
mining giant Freeport McMoRan's copper smelter project in Indonesia officially broke ground on Tuesday
.
The project, located near its existing refinery in Indonesia, is one of the
largest copper smelters in the world.
With a total investment of US$3 billion and 1.
7 million tonnes of copper concentrate capacity, the copper smelter project is expected to be operational
by the end of 2023 or early 2024.
"The smelter with its single-line design is the largest project of its kind in the world," Indonesian President Jokowi Widodo said at a televised groundbreaking ceremony on Tuesday.
”
In July, the company revealed that plans to build a copper smelter in Veda Bay in partnership with China's Tsingshan Holding Group had not reached an agreement after months of negotiations, but would continue to plan to build a new smelter
near its existing refinery in Gracik, East Java.
It also said it had signed engineering, procurement and construction contracts
with Japan's Chiyoda Corp.
Coordinating Minister for Economic Affairs Airlangga Hartarto said at the groundbreaking ceremony that the new smelter will also produce 600,000 tonnes of copper cathode, including a $200 million precious metals refinery with a capacity of up to 54 tonnes
.
Hartarto said that after decades of mainly exporting copper concentrates, Indonesia can finally benefit
from exporting value-added copper.
"It's historic because it's going to be produced
entirely in Gracik.
This project requires water, gas.
.
.
The economic benefits are enormous
.
”
U.
S.
mining giant Freeport McMoRan's copper smelter project in Indonesia officially broke ground on Tuesday
.
The project, located near its existing refinery in Indonesia, is one of the
largest copper smelters in the world.
With a total investment of US$3 billion and 1.
7 million tonnes of copper concentrate capacity, the copper smelter project is expected to be operational
by the end of 2023 or early 2024.
"The smelter with its single-line design is the largest project of its kind in the world," Indonesian President Jokowi Widodo said at a televised groundbreaking ceremony on Tuesday.
”
In July, the company revealed that plans to build a copper smelter in Veda Bay in partnership with China's Tsingshan Holding Group had not reached an agreement after months of negotiations, but would continue to plan to build a new smelter
near its existing refinery in Gracik, East Java.
It also said it had signed engineering, procurement and construction contracts
with Japan's Chiyoda Corp.
Coordinating Minister for Economic Affairs Airlangga Hartarto said at the groundbreaking ceremony that the new smelter will also produce 600,000 tonnes of copper cathode, including a $200 million precious metals refinery with a capacity of up to 54 tonnes
.
Hartarto said that after decades of mainly exporting copper concentrates, Indonesia can finally benefit
from exporting value-added copper.
"It's historic because it's going to be produced
entirely in Gracik.
This project requires water, gas.
.
.
The economic benefits are enormous
.
”
