Freeport-McMoRan Commits to Building Copper Smelter in Indonesia in Return for Operating Rights
January 15, 2017
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Freeport-McMoRan has committed to building a copper smelter in Indonesia within five years in return for the extension of operating rights at its Grasberg mine. Freeport's rolling export licence expired on Wednesday January 11, and the Ministry of Energy and Mineral Resources issued amendments to Government Regulation No 23, requiring mining companies to divest up to 51% of shares in mining assets, commit to building smelters as well as switching to new IUPK mining licences from current Contracts of Work.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).