TEMPO.CO, Jakarta - Gold and copper miner PT Freeport Indonesia (PTFI) has shipped its first gold bars from its Precious Metal Refinery (PMR) Smelter to state miner PT Aneka Tambang (Antam) in Pulogadung, Jakarta.

This initial shipment consisted of 125 kilograms of gold bars with a purity of 99.99 percent, valued at Rp207 billion. PTFI President Director Tony Wenas called this a significant milestone in Indonesia's gold downstream efforts.

"The first shipment of gold bars from PTFI to Antam is an important step in the efforts to downstream gold in Indonesia. This is in line with the government's vision to optimize the added value of natural resources and realize Golden Indonesia 2045," said Tony in an official statement, on Thursday, February 13, 2025.

Tony explained that despite a recent incident at one of PTFI's Smelter complex facilities, the company remains committed to conducting downstream. He outlined that PT Smelting processed 12.56 tons of anode mud, resulting in 189 kilograms of gold bars. Of that total, 125 kilograms met the 99.99 percent fine gold purity standard, while the remaining 64 kilograms will undergo further processing.

Antam President Director Nico Kanter stated that the cooperation between PTFI and the state-owned enterprises shows a commitment to strengthening the domestic mineral processing industry and increasing competitiveness in the global market.

"The synergy between PTFI and Antam is an important step in achieving Indonesia's independence in the mining sector. This step is in line with the government's efforts to reduce dependence on imports and promote the use of domestic products," Nico said.

Nico added that this cooperation aligns with Antam's strategy to strengthen its precious metal gold business. The supply of gold raw materials from PTFI will enable Antam to meet the growing public demand for gold investment.

This partnership was formalized through a gold sale and purchase agreement in November 2024. The deal, witnessed by SOEs Minister Erick Thohir and Deputy Minister of Energy and Mineral Resources Yuliot Tanjung, stipulates that Antam will purchase 30 tons of 99.99 percent purity gold bars annually from PTFI. This gold will then be processed further at Antam's Precious Metal Processing and Refining Plant.

In addition to gold, PTFI is committed to accelerating the downstream of other minerals. Tony stated that after copper and gold, PTFI will begin developing silver downstreaming.

"As a company that has integrated domestic processing and refining from upstream to downstream, PTFI has realized copper downstreaming and currently gold downstreaming. Silver downstreaming will follow in the near future," he said.

With a refining capacity of 50 tons of gold, 200 tons of silver, and the production of other precious metals such as platinum and palladium, PTFI is further solidifying its position as a key player in the national mining industry.

Through its strategic partnership with Antam, PT Freeport Indonesia aims to continue contributing to the development of a competitive mining industry and accelerate the realization of the Golden Indonesia 2045 vision.

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