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PT Freeport lowers copper target for operational transition

Metal News - Published on Fri, 11 Jan 2019

Image Source: The Jakarta Post
The Jakarta Post reported that gold and copper miner PT Freeport Indonesia has set a lower copper concentrate production target of 1.2 million tonnes to 800,000 tonnes less than last year's output of 2.1 million tonnes to accommodate its transition from an open pit to underground mining operation.

Minerals director Yunus Saefulhak of the Energy and Mineral Resources (ESDM) Ministry told press that "The open pit mine is not closed. Production [there] is continuing to date. It is an overlap between open pit and underground mining.”

PTFI plans to export only 200,000 tonnes of this year's production, while the remaining 1 million tonnes is to be processed at its smelter in Gresik, East Java.

The ministry also projected a decline in PTFI's 2019 earnings before interest, taxes, depreciation and amortization.

Coal and mineral director general Bambang Gatot Ariyono said that the company would see a declining trend in its EBITDA beginning this year until it commenced optimal production in 2025. He said that "After 2025, PTFI's revenue and EBITDA will be stable.”

Source :

Posted By : Rabi Wangkhem on Fri, 11 Jan 2019
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