ASIATODAY.ID, JAKARTA – PT Freeport Indonesia (PTFI) recorded an increase in copper and gold production of 5.93% and 10.01% respectively in the full year 2023 performance compared to the previous period. The increase in production throughout 2023 was driven by an increase in ore milling rates from underground mines with an average of around 214,000 tons per day in the fourth quarter of 2023. This volume increased by around 8% from the milling rate of 198,100 tons per day in the same period the previous year.
“We completed the installation of the new SAG facilities at PTFI last December 2023 and that will increase opportunities for us to move forward,” said Freeport-McMoRan President Kathleen Quirk in the FCX quarter IV/2023 conference call, quoted Friday, January 26 2024.
PTFI is also completing a project to install a new copper washing circuit which is expected to be completed in the second half of this year. The new circuit is expected to increase copper production by around 60 million pounds and gold by around 40,000 ounces per year.
Through intensive investment in the last few years, PTFI has succeeded in operating three giant underground mines in the Grasberg mineral area, including Grasberg Block Cave, Deep Mill Level Zone and Big Gossan. The three underground mining blocks will produce an average production of 1.66 billion pounds of copper and 1.97 million ounces of gold throughout 2023.
Meanwhile, copper sales in 2023 will be 1.52 billion pounds with an average realized price of $3.81 per pound. On the other hand, PTFI’s gold sales last year were at the level of 1.69 million ounces, with an average realized price of $1,972 per ounce.
“We continue to make investments in these resources to increase value and long-term performance going forward, as well as extending the operating contract after 2041 and we are increasingly confident in getting that long-term contract,” said Kathleen.
Through the current increase in the milling ratio, PTFI targets copper production by the end of 2024 to be around 1.7 billion pounds and 2 million ounces of gold. (AT Network)
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