Thursday, 17 October 2019

Freeport Denies Rumors of Reserves Depleting in 2041

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Editor:

Laila Afifa

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  • TEMPO.CO, Jakarta - Freeport Indonesia (IDX: PTFI) president director Clayton Allen Wenas refuted rumors saying that the company's mineral reserves will be depleted by 2041. He said the miner still has billions of numerous types of metal reserves.

    "Right now we have 1.8 billion stock reserves of copper, gold and silver ores," he said at Tempo's office on Thursday, March 14. 

    Tony said that 1.8 billion tons equal to using some 200,000 tons per day. That means 73 tons produced each year. With that calculation, the reserves will last for 24 years or until 2043.

    Read: Freeport Copper Production Predicted to Drop to 41mn Tons

    Additionally, there are still some 2 billion tons of resources. When explored, half of that volume will become reserves.

    Freeport Indonesia and Inalum have completed the share divestment process after two years of intensive negotiation between the two companies, PTFI parent company Freeport McMoran Inc.' and Rio Tinto.

    The shares takeover granted PTFI a license for special mining operations (IUPK) that is valid until 2041.  

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