• 10 mins Dissecting Europe's Massive Tennis Match-Fixing Scandal
  • 2 hours This Gold Deal Could Be A Boon For The Mining Industry
  • 18 hours 5 Companies That Could Win Big As The U.S. Legalizes Sports Betting
  • 18 hours May Survives No-Confidence Vote Despite Huge Loss On Brexit Deal
  • 21 hours U.S. Trade Deficit With China Grows To Record High
  • 1 day Big Oil Doubles Down On Blockchain Tech
  • 1 day What Top Financial Analysts Are Saying About Brexit
  • 2 days Billion Dollar Opportunity In The World’s Most Exciting Sector
  • 2 days Cash Is Now A $3-Trillion Safe Haven Bet
  • 2 days How Advertisers Are Forced Into Politics
  • 2 days Automakers Go All-In On Electric Vehicles
  • 2 days How Will The Government Shutdown Impact Gold?
  • 3 days 5 Likely Winners In A Booming $400 Billion Gambling Market
  • 3 days Forget IPOs: Direct Listings May Be The New Trend For Tech Unicorns
  • 3 days China’s Souring Economy Drags Down Global Equities
  • 3 days Hackers Tap Into The U.S. Electric Grid
  • 3 days Markets Inch Lower As Investors Remain Cautious
  • 4 days A Billion Dollar Opportunity In The Online Gaming Market
  • 4 days Russia’s Post-Soviet Calendar Boy, The Putin Phenomenon
  • 4 days Can The New Cadillac Rival Tesla?
Investors Turn Bullish On Gold ETFs

Investors Turn Bullish On Gold ETFs

Gold mining ETFs are having…

Paying For Populism In 2019

Paying For Populism In 2019

The economic costs of populism…

Gold Climbs Further As Market Sentiment Sours

Gold Climbs Further As Market Sentiment Sours

Growing market uncertainty has put…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Major Copper Mine To Cut Exports By 85%

Mine

Concentrate exports from Indonesia's Grasberg mine, the world's second-largest copper mine, will drop about 85 percent this year because of a lag in output while operations shift from open pit to underground mining, a government official said on Wednesday.

Shipments this year are expected to fall to 200,000 tonnes from an estimated 1.2 million tonnes last year, Yunus Saefulhak, director of minerals at Indonesia’s Energy and Mineral Resources Ministry said.

Copper concentrate exports from Grasberg are expected to drop to 200,000 tonnes this year from about 1.2 million tonnes in 2018

U.S. copper producer Freeport McMoRan (NYSE:FCX), the operator of Grasberg, had warned the switch from the depleting open pit mine to an underground operation would hit output this year before ramping up production to normal levels — estimated in 160,000 tonnes per day of ore — by 2022.

Freeport yielded majority ownership of the Grasberg mine to state-owned PT Indonesia Asahan Aluminium (known as Inalum) last month in a $3.9 billion deal that also saw Rio Tinto leave the venture. Inalum now owns 51.2% of PT Freeport Indonesia, and Freeport holds the remaining stake.

Grasberg, which is also the world’s fourth-largest gold operation, is expected to produce around 1.2 million tonnes of copper concentrate this year, compared to 2.1 million tonnes in 2018, while domestic consumption will grow to 1 million tonnes compared to 800,000 tonnes in 2018, the ministry said.

Grasberg’s Deep Mill Level Zone block cave mine, presently under construction, is projected to contribute an additional 80,000 tonnes per day of ore once at full capacity.

Currently, Grasberg’s reserves are estimated to be worth about $14 billion.

By Mining.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment