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Freeport Indonesia Targets 1.8 Million Ounces of Gold Production in 2023

Thu 07 Sep 2023, 09:00 AM



PT Freeport Indonesia (PTFI) has a gold production target of 1.8 million ounces by the end of 2023. PTFI President Director Tony Wenas said that currently the company has succeeded in producing 881 thousand ounces of gold.

Tony also said that during HI 2023, he had succeeded in producing 735 million pounds of copper from the target of 1.6 billion pounds.

"We are performing quite well in terms of production. Copper 735 million pounds and gold 881 thousand ounces. 735 million pounds of the 1.6 billion pound plan, so roughly half, looks on target. "If gold is 881 thousand ounces from the target of 1.8 or 1.9 million ounces, this is still in line with our forecast or even more," explained Tony, quoted Friday (1/9/2023).

Furthermore, Tony said, his party hopes that by the end of 2023, the sales target of gold of up to 1.8 million ounces and copper of up to 1.6 billion pounds can be achieved.

"It is hoped that by the full year we will be able to achieve sales of 1.6 billion pounds of copper and 1.8 million ounces of gold. Stay on target," he added.

It is known that Freeport's gold production during January-March 2023 was recorded at 402 thousand ounces and gold sales were recorded at 266 thousand ounces. The average price of gold in the first quarter of 2023 is US$ 1,949 per ounce.

Meanwhile, Freeport's copper production was recorded at 329 million pounds during the first quarter of 2023 and copper sales reached 198 million pounds. The average selling price for copper is around US$ 4.07 per pound.

"The level of ore processing from PTFI's underground mines averaged 164,800 metric tons of ore per day in the first quarter of 2023. PTFI targets the ore processing rate to exceed 200 thousand metric tons per day for the remainder of 2023," said Chairman & CEO of Freeport McMoran Richard C. Adkerson some time ago.

Please note, since 2018, Indonesia has officially become the majority shareholder of PT Freeport Indonesia amounting to 51.2% through the MIND ID Mining BUMN Holding.

The acquisition value to become Freeport's majority shareholder reached US$ 3.85 billion or the equivalent of IDR 55.8 trillion at that time. This acquisition marks an increase in Indonesian ownership in PTFI from only 9.36% to 51.23%.

Image source:

Source: Indonesia Targets 18 Million Tons of Gold Production in 2023


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