DIGIVESTASI - Indonesia plans to build a copper concentrate processing and refining plant (smelter) in the Special Economic Zone (SEZ) in Gresik, East Java Province by the end of May 2024. The world's largest single-stage copper plant is owned by PT Freeport Indonesia (PTFI). Mr. Tony Wenas, President and Director of PT Freeport Indonesia (PTFI), said based on the Special Mining Business License (IUPK) received on December 21, 2018, PTFI will develop a copper smelter within five years after the issuance of the project needs to be completed. IUPK. That is, until December 21, 2023.

The company finally proposed a change in the S-curve to the Ministry of Energy and Mineral Resources because the COVID-19 pandemic had an impact on the project work. "Previously scheduled to be completed in December 2023, it will now be completed in December 2024." Otherwise, our smelter is expected to be completed and operational by the end of May. "So, we put the smelter online in June. It's running, but the concentrate hasn't been processed yet," Tony said as quoted by CNBC, Thursday (28/3/2024), in the Indonesian mining zone program. 

The smelter will be the largest single line smelter in the world and is capable of absorbing 1.7 million tons of copper concentrate per year. However, it is estimated that the smelter will only be able to accommodate 50% of the copper concentrate in August, and gradually increase to 100% by December 2024. 

"Therefore, in these six months we still need to export a lot. Of course, if exports are not allowed, it will not only have an impact on the operations of production companies, but will also inevitably lower exports and reduce state revenues." with falling prices."

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