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Jokowi thinks Freeport’s gold and copper reserves are still 20x

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Jakarta, CNBC Indonesia – PT Freeport Indonesia (Freeport) has been owned by Indonesia again since 2018. Today, Freeport is one of the country’s top dividend contributors and a driver of energy transition initiatives.

Chairman Joko Widodo (Jokowi) estimates that mineral reserves ranging from gold to copper in the Grasberg mine, Freeport may be more than 20 times what they are today.

Not long ago, Jokowi revealed the mining and gold “treasure” held by PT Freeport Indonesia.

“In the past, orders from Freeport to build a smelter were never heeded. But once Freeport was 51% owned by state-owned companies, last year I ordered the smelter built because the majority of ours were built in Gresik, we will see how much copper smelting is,” Jokowi said during a speech during the National Silatnas and the 19th Anniversary of the Pensioners Army Association. army at the Sentul Convention Center, Bogor, West Java, Friday (08/05/2022).

The president believes that the “treasury” held by Freeport Indonesia is far greater than what it currently possesses. This potential can be used at the national level, so that it can create as many jobs as possible for the community.

“I believe it can be 20 times, sometimes not only raw materials, not copper, but we also send gold. How will we know? Later, the smelter will produce more gold than copper, but we don’t know yet because there is production in the foundry,” he said.

Referring to the latest financial performance of MIND ID (as of December 2021), this BUMN mining operation reaped dividends from Freeport worth IDR 3.3 trillion in 2021, previously it was stable. As of February 2022, the company had received an interim dividend of Rs 2.29 trillion.

Last year, PT Freeport Indonesia’s net profit reached 6.7 trillion rupees, an increase from 2.1 trillion rupees the previous year. Thus, the company’s consolidated profit for the year reached Rp 14.32 trillion, up from the previous year’s position of Rp 1.82 trillion.

Please note that this is a performance in the pandemic era, which means that brilliant performance was printed when the economy was depressed. If the global economy picks up (so copper demand skyrockets for manufacturing needs), then the contribution is likely to skyrocket.

The contribution of the state-owned copper and gold mining company (via MIND ID) is not short-term. According to government estimates, Freeport will contribute up to 1 trillion rupees by 2041.

[Gambas:Video CNBC]

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