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...