Jakarta. President Joko "Jokowi" Widodo welcomed Richard Adkerson, Chairman & CEO of gold miner Freeport McMoran, at the Presidential Palace in Jakarta on Thursday to review the progress of the company's copper smelter in Gresik.

Joined by Kathleen L. Quirk, CFO of Freeport McMoran, and Tony Wenas, President Director of Freeport Indonesia, the trio arrived at the Presidential Palace around 10:40 a.m. local time.

Following a discussion lasting approximately 30 minutes, the Freeport executives left the Presidential Palace around 11:24 a.m.

"We met with the President to provide updates on the latest developments in the upstream mining situation," Tony Wenas told reporters.

Tony said the meeting with Jokowi also focused on the progress of Freeport's copper smelter in Gresik, slated to commence operations in June 2024.

"Our discussion primarily centered on the progress of the smelter, which has surpassed the 92 percent mark, aiming for completion by May 2024 and commencement of operations by June this year, with full production targeted for 2024," elaborated Tony.

Situated at the Java Integrated Industrial and Ports Estate (JIIPE), the new smelting facility is estimated to cost $3.1 billion (Rp 49.2 trillion), boasting an annual capacity of 1.7 million tons.

Additionally, the extension of Freeport Indonesia's special mining business license (IUPK), expiring in 2041, was briefly addressed.

"The IUPK extension was briefly touched upon, albeit not in detail due to time constraints. Previous discussions have covered this topic," clarified Tony Wenas.

The Indonesian government is currently in negotiations to extend Freeport’s permit, contingent upon the mining giant's agreement to relinquish an additional 10 percent stake.

Freeport’s existing mining permit expires in 2041, with the government currently holding a 51 percent stake in the company.