Jakarta. President Prabowo Subianto is set to inaugurate Freeport Indonesia’s (PTFI) precious metal refinery smelter in Gresik, East Java, on Monday.

The facility, which recently began operations, produced its first fine gold bars with 99.99 percent purity last month and has since delivered them to state-owned gold supplier Aneka Tambang (Antam).

Freeport’s maiden shipment of 125 kilograms of fine gold bars, valued at approximately $12.7 million, marks a significant milestone, establishing the company as Indonesia’s first fully integrated mining firm. The refinery enables Freeport to process anodes from impure metals into gold bars, covering the entire production chain from upstream mining to downstream refining.

This achievement was followed by the launch of Indonesia’s first bullion banks, further strengthening the country’s mineral industry.

Long-Term Gold Refining Agreement with Antam
Freeport has signed a five-year sale and purchase agreement with Antam, committing to deliver 30 tons of gold valued at approximately $12.5 billion.

With an annual refining capacity of 50 tons of gold and 200 tons of silver, the Gresik smelter represents a major advancement in Indonesia’s mineral processing capabilities, reducing the country’s reliance on raw material exports and boosting its domestic refining industry.