Freeport's Copper Reserve Depletion Since Indonesian Takeover

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Adi Ahdiat 30/04/2024 15:42 WIB

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Since 2018, the Indonesian government, through MIND ID, has held a majority stake in PT Freeport Indonesia. Since then, Freeport's copper reserves have been recorded as continuously declining.

Estimated Copper Reserves of PT Freeport Indonesia (2018-2023)

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Estimated Copper Reserves of PT Freeport Indonesia (2018-2023)

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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, controls 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 mine still holds approximately 29 billion pounds of copper reserves.

This volume decreased by 1.8 billion pounds, or 5.8%, compared to the end of 2022 (year-on-year/YoY).

PTFI's copper reserves have been steadily declining since Indonesia acquired a majority stake in 2018.

Cumulatively, from 2018 to 2023, its copper reserves have decreased by 7.2 billion pounds, or 19.9%.

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

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 Copper Reserve Depletion Since Indonesian Takeover

Freeport's Copper Reserve Depletion Since Indonesian Takeover

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Freeport's Copper Reserve Depletion Since Indonesian Takeover

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