Tony Wenas, CEO of the PTFI, said that after the initial investment of US$600 million in 2020, the miner will prepare another $1.1 billion to continue the project next year.
The smelter is expected to consume 2 million tonnes of copper concentrate per annum and produce at least 500,000 million tonnes of copper cathodes annually, said Wenas.
The construction of the smelter is part of Freeport’s agreement with the Indonesian Government to maintain its mining rights in Grasberg mine in West Papua until 2041.
