JAKARTA (Yosefardi) – PT Freeport Indonesia allocates US$16-18 billion fund for under-ground mining project following the availability of shelter for processed concentrates in the country.
Freeport also plans to establish its own shelter for processed concentrate in Gresik and Timika.
Currently 75% of total Freeport’s production is contributed by open pit mining in Grasberg, which is expected to have no economic value by 2017.
That is why, Freeport needs to start developing deep ore zone mining in 2017-2020.
Freeport had also signed a conditional sale purchase agreement (CSPA) to supply copper concentrate to smelter of PT Indosmelt located in Maros, South Sulawesi.