ASIATODAY.ID, JAKARTA – PT Freeport Indonesia (PTFI) and PT Aneka Tambang Tbk (Antam) agreed to sign a Gold Metal Sale and Purchase Agreement in Jakarta, Thursday, November 7 2024.
Deputy Minister of Energy and Mineral Resources of Indonesia, Yuliot, views that the collaboration between the two companies that are members of the MIND ID holding company will have an impact on significant foreign exchange savings, namely reaching USD 12 billion.
“Of course, with the supply made by PTFI, which we previously imported, it means that foreign exchange does not need to go out. Hopefully this collaboration will also provide more prosperity for the Indonesian people in the future,” said Yuliot at the signing of the Gold Metal Sale and Purchase Agreement. .
Minister of State-Owned Enterprises (BUMN) Indonesia Erick Thohir, who was also present at the event, said that to become an independent nation, Indonesia needs to continue to make improvements through downstreaming, and downstreaming is no longer an option that can be negotiated, but must be implemented.
“If we look at the data, our gold reserves are number 6 in the world. But for gold bullion reserves, we are number 43. Economically we are number 16. This means that there is something un-efficient that has been happening all this time, downstreaming is correcting that, ” he explained.
Erick added that Indonesia’s production of new gold bullion reserves was 78.5 tonnes, far behind when compared to number 1, namely the United States with gold bullion reserves of 8,100 tonnes.
“This is what I feel is that we must continue to improve what is called downstreaming and our performance as a stronghold of the national economy,” added Erick.
MIND ID President Director Hendi Prio Santoso said that through synergy and collaboration between Antam and PTFI, it would increase the company’s business strength base as the backbone of downstreaming Indonesia’s mineral resources.
“With this synergy, Indonesia saves foreign exchange because it does not have to import raw materials for Antam’s precious metal production. This means that the Indonesian people enjoy the results of their own land, from raw materials to finished materials,” he said.
Meanwhile, Antam’s President Director Nico Kanter stated that this collaboration is a synergy of members of the MIND ID Mining Industry Holding to increase downstream and industrialization capacity in order to increase added value in the country towards a Golden Indonesia.
“This synergy in procuring gold raw materials from PTFI is Antam’s commitment to strengthening the precious metal gold business to meet people’s needs in investing in gold. Apart from that, this collaboration also strengthens domestic sourcing of Antam’s precious metal gold products,” said Nico.
Meanwhile, PTFI President Director Tony Wenas explained that PTFI’s precious metal refinery (PMR) is one of the pure gold bullion producers in Indonesia with a refining capacity of around 50 tons of gold and 200 tons of silver per year, as well as platinum group metals, namely 30 kg platinum and 375 kg palladium.
“The first gold production from PMR PTFI is planned for the second week of December 2024. The current estimate is that until the end of 2024 gold production is 0.5 tonnes and in the first quarter of 2025 it will be 4.75 tonnes,” he concluded.
For information, the signing between Antam and PTFI is that PTFI will sell 30 tons of gold with a purity of 99.99 percent to Antam every year. This sale and purchase agreement is valid for the next 5 years, so that the total sold reaches 150 tonnes of gold bars with a total value of US$12.5 billion, around IDR 200 trillion. (AT Network)
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