Freeport Indonesia opens $3.7bn copper smelter in Gresik [Yahoo! Finance]
Freeport-McMoRan, Inc. (FCX)
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Source: Yahoo! Finance
The smelter is expected to meet the surging demand for copper essential for renewable energy technologies. Freeport Indonesia CEO Tony Wenas said the facility is expected to produce around 650,000 tonnes (t) of copper cathode and 50–60t of gold. Expected to commence operations at half capacity by August 2024, the facility has an input capacity of 1.7 million tonnes of copper concentrate. The Gresik copper smelter is expected to achieve full capacity by December this year. This development aligns with Indonesia's policy to ban the export of all raw minerals from June 2023, although Freeport Indonesia and Amman Mineral Internasional have been granted an extension until 31 May 2024, to complete their smelters. Wenas said: “Copper going forward will be very much needed by the world. Countries are racing to transition their energy sources to renewables and sustainable sources. This will need a lot of copper." Both Freeport Indonesia and its rival have sought to extend their ex
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