Freeport Seeks to Extend Mining Permit in Papua: How Much Mineral Reserve Remains?

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Adi Ahdiat 16/11/2023 12:27 WIB

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As of the end of 2022, the Grasberg district in Papua, managed by Freeport, still held 496 million tons of proven mineral reserves and 1.1 billion tons of probable mineral reserves.

Mineral Reserves in the Grasberg District, Papua, Managed by Freeport (December 31, 2022)

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Freeport Seeks to Extend Mining Permit in Papua: How Much Mineral Reserve Remains?

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Mineral Reserves in the Grasberg District, Papua, Managed by Freeport (December 31, 2022)

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PT Freeport Indonesia (PTFI) plans to extend its Special Mining Business License (IUPK) in the Grasberg mineral district, Mimika Regency, Central Papua.

Initially, PTFI held a mining permit until 2041. However, this permit is now potentially extended until 2061.

The plan to extend the permit was discussed by President Jokowi and Freeport McMoran Chairman, Richard Adkerson, on Monday (13/11/2023).

"I'm pleased to hear that the discussion on the addition of 10 percent of Freeport's shares in Indonesia and the 20-year mining permit extension has reached the final stage," President Jokowi told Richard Adkerson, as broadcast on the Setkab RI website, Monday (13/11/2023).

"(The discussion on Freeport's permit extension) will be finalized by the end of this month," Jokowi said.

PT Freeport Indonesia (PTFI) is a subsidiary of the US-based mining company, Freeport McMoran, which has been operating in Indonesia since 1967.

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

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

Since its inception in Indonesia, PTFI has been the sole mining operator in the Grasberg district, Mimika Regency, which is now part of Central Papua Province, a newly established province resulting from the division of Papua Province.

According to Freeport McMoran's *Technical Report Summary of Mineral Reserves and Mineral Resources for Grasberg Minerals District*, as of the end of 2022, the Grasberg district still has proven mineral reserves of 496 million tons and probable mineral reserves of 1.1 billion tons.

All these mineral reserves contain a mixture of gold, silver, and copper concentrations.

The following is a breakdown of the Grasberg district's mineral reserves managed by Freeport based on its mine site names as of December 31, 2022:

Grasberg Block Cave (GBC) Mine

* Proven mineral reserves: 309 million tons
* Probable mineral reserves: 501 million tons

Deep Mill Level Zone (DMLZ) Mine

* Proven mineral reserves: 77 million tons
* Probable mineral reserves: 305 million tons

Big Gossan (BG) Mine

* Proven mineral reserves: 18 million tons
* Probable mineral reserves: 31 million tons

Kucing Liar (KL) Mine

* Proven mineral reserves: 93 million tons
* Probable mineral reserves: 288 million tons

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."