Jakarta. Copper and gold mining company Freeport Indonesia (PTFI) has delivered its first batch of gold bars to state-owned gold supplier Aneka Tambang (Antam), marking a major milestone in Indonesia’s mining industry. The initial shipment weighed 125 kilograms and was valued at approximately Rp 207 billion ($12.7 million).

The inaugural delivery on Wednesday solidifies Freeport’s status as Indonesia’s first fully integrated mining company, capable of refining anodes from impure metals into gold bars -- from upstream mining operations to downstream processing.

This shipment is part of a five-year sale and purchase agreement signed between Freeport and Antam on November 7, 2024. The deal covers the delivery of 30 tons of gold worth an estimated $12.5 billion (Rp 200 trillion).

The 99.99 percent pure gold bars were produced at Freeport’s Precious Metal Refinery Smelter in Gresik and transported to Antam’s headquarters in Pulogadung, East Jakarta.

"PTFI’s inaugural delivery of gold bars to Antam marks a new milestone in Indonesia’s push for gold industrialization. It aligns with the government’s vision to maximize the added value of natural resources and realize the Golden Indonesia Vision 2045," Freeport Indonesia CEO Tony Wenas said in a statement.

Tony noted that despite brief disruptions caused by a fire incident, Freeport’s new smelter has successfully commenced operations.

"PTFI has processed approximately 12.56 tons of anode slime at its subsidiary, PT Smelting, producing 189 kilograms of gold bars. This includes 125 kilograms of fine gold with 99.99 percent purity, while the remaining 64 kilograms will undergo recasting to meet purity standards," Tony added.

Boosting National Economic Resilience
Antam President Director Nico Kanter said the partnership with Freeport represents a strategic effort to develop Indonesia’s mineral industries and enhance its global competitiveness.

"This collaboration is a significant step toward Indonesia’s self-reliance in the mining sector and supports the government’s initiative to reduce dependence on gold imports," Nico said.

The successful production of gold bars follows Freeport’s previous achievements in developing an integrated copper processing industry, transforming raw ores into finished products.

"Our next goal is to establish an integrated processing industry for silver," Tony added.

Freeport’s smelter has an annual capacity of 50 tons of gold and 200 tons of silver, further advancing Indonesia’s mineral refining capabilities.

State-Owned Enterprises Minister Erick Thohir previously said that domestic gold transactions between local companies could significantly contribute to saving foreign exchange reserves.

"With Freeport capable of producing 50 tons of gold annually, Antam’s purchase of 30 tons could help save Rp 200 trillion in foreign exchange reserves. We must continue to push for mining industrialization at home to strengthen the national economy," Erick said in November.

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