JAKARTA - PT Freeport Indonesia prepares a US$ 600 million budget for the construction of the world's largest smelter in East Java in 2020.
President Director of PT Freeport Indonesia Tony Wenas said the budget disbursed this year was US$ 600 million, and next year, it would be raised to US$ 1 billion. "So (the budget for) this year and next year is big," he said.
The total investment will be made for the entire construction of the smelter, he continued, is close to US$ 3 billion, which is obtained from foreign and domestic bank loans. 15 banks have expressed their support for the project.
Wenas said the construction will begin in August 2020. At present, the soil compaction process has begun, considering the land for the smelter, located in Gresik, East Java used to be a pond.
The construction is targeted to be completed in 2023 and will be able to process up to two million tons of copper concentrate per year. (ARM/AR)