Jakarta – PT Freeport Indonesia (PTFI) and PT Aneka Tambang Tbk (ANTAM) officially signed a gold sale and purchase agreement with a five-year contract duration. This agreement covers the sale of gold with a purity of 99.99 per cent and is projected to reach a total transaction value of up to Rp 200 trillion. The agreement was witnessed by SOE Minister Erick Thohir and Deputy Minister of Energy and Mineral Resources (MEMR) Yuliot Tanjung in an event held in Jakarta on Thursday, November 7.
SOE Minister Erick Thohir emphasised that the agreement between Freeport and Antam is a major step towards the independence of the national mining industry. “This cooperation is clear evidence that we can work together to advance the nation. Downstreaming is not just a slogan, but has become a real commitment that will provide great added value for Indonesia,” Erick said.
Deputy Minister of Energy and Mineral Resources Yuliot Tanjung also highlighted the importance of this agreement in supporting the government’s downstream program. According to Yuliot, Freeport’s precious metal refining facility will be crucial in processing anode sludge, a by-product of the copper refining process.
“PTFI’s Precious Metal Refinery (PMR) facility will increase domestic gold production capacity while reducing dependence on precious metal imports,” he explained.
PTFI President Director Tony Wenas explained that Freeport’s new PMR facility can refine up to 50 tons of gold per year, 200 tons of silver, and several other platinum group metals. “We expect the first gold production from PMR to start in mid-December 2024. We are targeting production of 0.5 tons of gold by the end of this year and will increase to 4.75 tons in the first quarter of 2025,” Tony said.
Tony emphasised that the agreement with ANTAM is part of Freeport’s efforts to support the government’s downstream program and strengthen the domestic supply chain. “The signing of this agreement shows our commitment to realising downstream and ensuring that our gold products have added value before being marketed,” he added.
ANTAM President Director Nico Kanter welcomed the cooperation as a strategic step in strengthening the company’s precious metals business portfolio. Nico explained that ANTAM will purchase 30 tons of gold annually from Freeport, which will be further processed at ANTAM’s refining plant to produce high-quality precious metals.
“The collaboration with Freeport is a concrete manifestation of our efforts to reduce dependence on imported raw materials and increase the use of domestic products. This aligns with the government’s vision to encourage wider use of local products,” said Nico.
Furthermore, Nico added that this synergy will enable ANTAM to meet the increasing market demand, especially in the gold investment sector. “With a stable supply from Freeport, we can meet the public’s need for high-quality gold products while strengthening ANTAM’s position as a leader in the precious metals market,” Nico said.
SOE Minister Erick Thohir emphasised the importance of this step in creating an integrated industrial ecosystem. “We must build a strong and integrated supply chain from upstream to downstream. This will lead Indonesia towards self-reliance and strengthen our competitiveness in the global market,” Erick said. (Hartatik)
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