Freeport advancing Gresik expansion, to up stake in PT Smelting

Freeport McMoRan’s subsidiary PT-Freeport Indonesia (PT-FI) is advancing agreements to expand its Gresik copper smelter and refinery by 30% and plans to up its stake in PT Smelting to a majority interest, the company said.

The expansion is targeted for completion by the end of 2023 and will see annual capacity at PT Smelting – in which PT-FI currently has a 39.5% stake – increase by 300,000 tonnes of concentrate. Mitsubishi is also a partner in PT Smelting. 
Freeport did not specify how PT-FI would increase its stake in PT Smelting or what its eventual size would be.
Freeport has a 48.76% stake in PT-FI and manages all its operations, with the remainder held by PT Indonesia Asahan Aluminium, Indonesia's mining industry holding company.

PT-FI would fund the...

Published

Andrea Hotter

July 22, 2021

16:34 GMT

New York