financetom
Business
financetom
/
Business
/
Freeport Indonesia sees output ramping up at Manyar smelter in Q3 next year
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Freeport Indonesia sees output ramping up at Manyar smelter in Q3 next year
Dec 4, 2024 1:18 AM

JAKARTA, Dec 4 (Reuters) - Copper miner Freeport

Indonesia expects operations of its $3.7 billion Manyar smelter

in East Java to ramp up in the third quarter of next year after

being halted by a fire in October, an official said on

Wednesday.

"Based on the repair plan for the affected facilities, it is

estimated that the ramp-up of (Freeport's) smelter operations

can begin in the third quarter of 2025," its spokesperson, Katri

Krisnati.

Separately, Freeport Indonesia parent company, MIND ID hopes

the smelter can operate normally within six months, its chief

executive Hendi Prio Santoso told a parliamentary hearing on

Wednesday.

MIND ID holds a 51.2% share of Freeport Indonesia.

Operational issues at the smelter prompted Freeport to ask

the Indonesian government to extend its copper concentrate

export license, which expires at the end of this year.

"Due to fire incident at our smelter, the operation was

stopped, and we have to repair it first. For that, we need some

flexibility to be able to export in 2025 until the smelter is

back in operation," Freeport Indonesia chief executive Tony

Wenas told reporters.

He said the company was also requesting additional export

quota for this year.

Mining minister Bahlil Lahadalia told an industry summit on

Wednesday the government had yet to decide whether to approve

the request.

Freeport Indonesia was forced to stop copper cathode output

at its newly operated smelter after the fire broke at its gas

cleaning unit.

Sources with knowledge of the matter told Reuters U.S.

mining company Freeport McMoRan ( FCX ), which operates Freeport

Indonesia's mine and smelter, would postpone sales of refined

copper from Indonesia until the second quarter of 2025.

The Manyar copper smelter was completed in June and started

output in September. However, production was delayed by a steam

and water leak.

Long production delays at the Manyar smelter, with an output

capacity of 480,000 metric tons of copper cathode a year, were

already narrowing an expected 2025 surplus of the metal and

supporting prices.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Epam Systems Insider Sold Shares Worth $277,046, According to a Recent SEC Filing
Epam Systems Insider Sold Shares Worth $277,046, According to a Recent SEC Filing
Jan 29, 2025
04:19 PM EST, 01/29/2025 (MT Newswires) -- Jason D. Peterson, Chief Financial Officer, on January 27, 2025, sold 1,078 shares in Epam Systems ( EPAM ) for $277,046. Following the Form 4 filing with the SEC, Peterson has control over a total of 23,382 shares of the company, with 23,382 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1352010/000170227425000004/xslF345X05/wk-form4_1738184569.xml ...
Cava Group Insider Sold Shares Worth $365,218, According to a Recent SEC Filing
Cava Group Insider Sold Shares Worth $365,218, According to a Recent SEC Filing
Jan 29, 2025
04:21 PM EST, 01/29/2025 (MT Newswires) -- Brett Schulman, Director, CEO and President, on January 27, 2025, sold 2,936 shares in Cava Group ( CAVA ) for $365,218. Following the Form 4 filing with the SEC, Schulman has control over a total of 1,513,638 shares of the company, with 773,433 shares held directly and 740,205 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1639438/000162828025002984/xslF345X05/wk-form4_1738184437.xml...
Tesla Q4 Non-GAAP Earnings, Revenue Rise -- Shares Down After Hours
Tesla Q4 Non-GAAP Earnings, Revenue Rise -- Shares Down After Hours
Jan 29, 2025
04:18 PM EST, 01/29/2025 (MT Newswires) -- Tesla (TSLA) reported Q4 non-GAAP earnings late Wednesday of $0.73 per diluted share, up from $0.71 a year earlier. Analysts surveyed by FactSet expected $0.77. Revenue for the quarter ended Dec. 31 was $25.71 billion, up from $25.17 billion a year earlier. Analysts surveyed by FactSet expected $27.26 billion. Company shares were down...
Atlanta Braves Holdings Insider Bought Shares Worth $935,450, According to a Recent SEC Filing
Atlanta Braves Holdings Insider Bought Shares Worth $935,450, According to a Recent SEC Filing
Jan 29, 2025
04:20 PM EST, 01/29/2025 (MT Newswires) -- John C Malone, 10% Owner, on Jan. 27 and Jan.28, executed a purchase for 22,284 shares in Atlanta Braves Holdings ( BATRA ) for $935,450. Following the Form 4 filing with the SEC, Malone has control over a total of 196,889 shares of the company, with 186,712 shares held directly and 10,177 controlled...
Copyright 2023-2026 - www.financetom.com All Rights Reserved