Freeport's Gold and Copper Reserves Dwindle: How Much Remains?

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Adi Ahdiat 30/04/2024 13:53 WIB

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According to Freeport McMoRan's report, at the end of 2023, PT Freeport Indonesia's gold reserves decreased by 9.1% (year-on-year), and its copper reserves decreased by 5.8% (year-on-year).

Estimated Gold and Copper Reserves of PT Freeport Indonesia (2022-2023)

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Freeport's Gold and Copper Reserves Dwindle: How Much Remains?

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Estimated Gold and Copper Reserves of PT Freeport Indonesia (2022-2023)

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PT Freeport Indonesia (PTFI) is a subsidiary of the American mining company Freeport McMoRan, which has operated in Indonesia since 1967.

Since 2018, the Indonesian government has held a majority stake in PTFI through MIND ID, the national mining state-owned enterprise (SOE) holding company.

Currently, the Indonesian government, through MIND ID, owns 51.24% of PTFI's shares, while Freeport-McMoRan holds the remaining 48.76%.

Since its inception in Indonesia, PTFI has been the mining operator in the Grasberg District, Mimika Regency, now part of Central Papua Province.

According to Freeport McMoRan's report, as of December 31, 2023, PTFI's gold reserves still amounted to approximately 23.9 million ounces.

This volume has decreased by 2.4 million ounces, or 9.1% year-on-year (YoY) compared to the end of 2022.

As of December 31, 2023, PTFI's copper reserves were approximately 29 billion pounds, a decrease of 1.8 billion pounds or 5.8% (YoY).

The figures stated here are a combined estimate of proven and probable reserves.

According to the Investment Minister, Bahlil Lahadalia, PTFI's mining reserves have the potential to be depleted within the next few years if no new exploration is undertaken.

"If we don't conduct exploration by 2035, its (PTFI's) production will cease, and underground exploration takes 10 to 15 years," said Bahlil, as reported by Detik.com on Monday (April 29, 2024).

"If we don't extend (the business license) now for them (PTFI) to conduct exploration, then be prepared for Freeport to cease operations by 2040," he continued.

Amidst these conditions, Bahlil stated that the government will extend PTFI's mining business license (IUP).

Initially, the validity period of PTFI's IUP was to expire in 2041. However, the contract will now be extended until 2061.

Bahlil also revealed that through the extension of the business license, the Indonesian government could increase its shareholding in PTFI by 10%.

"There's an opportunity, an option to add a 10% stake at a very cheap price," said Bahlil.

If this option materializes, the Indonesian government could control approximately 61% of PTFI's shares. Bahlil stated that the license extension will be finalized soon.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Freeport's Gold and Copper Reserves Dwindle: How Much Remains?

Freeport's Gold and Copper Reserves Dwindle: How Much Remains?

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Freeport's Gold and Copper Reserves Dwindle: How Much Remains?

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