Jokowi Breaks Ground on Freeport Indonesia’s $3b Smelter

Gresik, East Java. President Joko “Jokowi” Widodo on Tuesday laid the foundation stone for a giant smelter belonging to copper and gold mining firm Freeport Indonesia in the East Java town of Gresik.
The smelter is built on 103-hectare land at the Manyar Special Economic Zone at a cost of $3 billion, according to government data.
Jokowi said the smelter will be able to extract 1.7 tons of copper from ores and 6,000 tons of gold annually.
“The single-line smelter we are going to build will be the biggest in the world because it has a capacity of extracting 1.7 tons of copper a year,” the president said in a ceremony to mark the start of the construction.
He added Indonesia has the seventh biggest copper reserves in the world after Chile, Australia, Peru, Russia, Mexico, and the United States.
“Only a few of us have knowledge about this,” he said.
Jokowi went on to say that despite having mines and mineral reserves, Indonesia cannot reap the fullest benefit in the metal industry due to a lack of processing facilities, in comparison to countries like Japan and Spain who have higher value-added in their manufacturing process.
“That’s why we build the Freeport smelter here in Gresik,” the president said.
The Indonesian government has a 51 percent stake in the local unit of US mining giant Freeport McMoRan.
The construction stage alone is expected to create 40,000 jobs for locals, Jokowi said.
State-Owned Enterprises Minister Erick Thohir said Freeport Indonesia has been performing well since the government secured a commanding stake on Dec. 21, 2018.
Freeport’s revenues are estimated to more than double from Rp 50 trillion last year, Erick said.
Soaring global copper prices and increased output in Indonesia will add the pace to the company’s growth, he added.
“The company booked a net profit of approximately Rp 10 trillion last year and we expect the figures to reach Rp 40 trillion by the end of this year,” Erick said.
Related Articles
Jokowi Vows to Show Original Diploma in Court, Says Investigation Ongoing
Jokowi says his fake diploma case is still under investigation by Jakarta police, despite the National Police dropping a similar complaint.Police Confirm Jokowi’s Diploma Is Authentic, Ending Fake Degree Rumors
Police say Jokowi’s UGM diploma is real after forensic review, ending years of fake degree rumors and closing the forgery investigation.Jokowi: “No Choice But Court” to End Fake Diploma Accusations
“To be honest, I’m saddened that this case has come this far. I feel sorry for those who continue to deny the truth,” Jokowi said.Jokowi Eyes PSI Top Post, Jokes About Beating the Odds
Jokowi said he is still making political calculations regarding the possibility of leading the youth-oriented party.Jokowi to Deniers: My Diploma Is Real -- Now Face the Law
Jokowi’s legal team appeared at police headquarters in Jakarta with the diploma, which was hand-delivered by his brother-in-law.Jokowi: Media Has Crucial Role in Sustaining Public Morale
"With 10 years of experience leading the country, he remains a valuable voice of reason," Enggartiasto said of Jokowi.Prabowo Rejects ‘Puppet’ Label, Defends Jokowi Ties as Statesmanship
Prabowo denies being Jokowi's puppet, calling ongoing talks with ex-presidents smart governance, not subservience, amid rising criticism.After a Decade of Rumors, Jokowi Finally Reports Fake Diploma Accusations to Police
Ex-President Jokowi files a police report over fake diploma claims, saying the decade-long rumors must be legally resolved once and for all.Jokowi to Personally Report Four in Fake Diploma Claims
Former President Jokowi to file police report against four individuals over fake diploma claims, says his lawyer Yakup Hasibuan.Prabowo Likely to Send Jokowi to Pope’s Funeral
Prabowo is skipping Pope Francis' upcoming funeral due to unspecified reasons.The Latest
Bloody Brawl Erupts at Cockfighting Arena in Bali, Leaving One Dead
Cockfighting, known locally as tajen, is a traditional but controversial practice in Bali.Military Parade Rolls Through DC as 'No Kings' Protesters across US Decry Trump
About 6 in 10 Americans said Saturday’s parade was “not a good use” of government money.Hard Rain, Harder Rock: The SIGIT Ignites Semesta Berpesta in Soaked Bandung Night
The SIGIT lit up a rain-soaked Semesta Berpesta in Bandung, with fans moshing in ponchos and singing through the drizzle.Air India Crash Death Toll Rises to 270
Air India crash death toll climbs to 270 as search teams recover more bodies; investigators analyze black box for crash clues.Australian Man Killed, Another Injured in Bali Villa Shooting
An Australian man was killed and another wounded after a gunman broke into their villa in Bali's Badung regency early Saturday morning.Most Popular
