• 6 days Has Bitcoin Stopped Bleeding? Some Analysts Seem To Think So
  • 6 days Amazon ‘Competitor’ Charged With Crypto Fraud Scheme
  • 7 days China’s Road To Tech Independence
  • 12 days 3 Major Bearish Catalysts For The U.S. Economy In 2022
  • 14 days VR Industry Boomed During Holiday Season
  • 14 days 3 Global eCommerce Brands Have Overtaken Amazon
  • 16 days Another Banner Year for Billionaires
  • 20 days Top 3 Predictions For Bitcoin In The New Year
  • 21 days China Moves To Tighten Rules For Companies Looking To List Abroad
  • 22 days Fake Reviews Go All The Way To The Top
  • 29 days Airlines Want The Government To Ditch Emergency Testing For Covid-19
  • 29 days The Service Robot Industry Is Booming
  • 34 days The 3 Biggest Market Risks In 2022
  • 37 days Fintech Valuations Have Grown Red-Hot
  • 40 days Business Opportunities In the New Metaverse
  • 41 days Cryptocurrency Markets Have Gone Amok, Again
  • 42 days Wall Street Speaks: No 10% Correction for Markets
  • 43 days Top 3 Stocks To Play The Santa Claus Rally
  • 44 days DIDI Delisting Is A Worrying Sign For Investors Holding Chinese Stocks
  • 49 days Stocks Tumble After Moderna Chief Warns Existing Vaccines Could Be Less Effectiv
Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

This Nobel Prize-winning breakthrough is…

Oil Demand Falters On New Wave Of Lockdowns

Oil Demand Falters On New Wave Of Lockdowns

Road traffic and transportation fuel…

Hawkish Fed Sends Gold Prices Crashing

Hawkish Fed Sends Gold Prices Crashing

The gold bulls are facing…

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