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PT Freeport Indonesia has operated in Papua for over 50 years. In 2016, Grasberg, the world's largest gold mine and the third largest copper mine globally, produced 165,000 tons of ore per day. This represents an increase from the previous year's average of 162,000 tons. The processing plant produces copper and gold concentrates from the mined ore through a process that separates valuable minerals from their impurities. Annually, Freeport produces 1 billion pounds of copper and 1 million ounces of gold.
As is known, Freeport ceased exports on January 12th. This is a consequence of the enactment of Government Regulation Number 1 of 2017. According to this regulation, the government permits mining companies that have not yet implemented downstream processing (hilirisasi) by building smelters to export concentrates. The condition is that the company must convert its Contract of Work (KK) into a Special Mining Business License (IUPK). Recently, there has been discussion of arbitration that Freeport may pursue due to dissatisfaction with the government's new policy regarding the change in contract status.
"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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