Freeport Indonesia, Antam Sign Deal for Buying and Selling Gold Ores; Erick Thohir: State Saves Nearly Rp200 Trillion

November 7, 2024 | 11:41 pm

TEMPO.CO, Jakarta - PT Freeport Indonesia (PTFI) and PT Aneka Tambang Tbk (Antam) officially signed an agreement for the purchase and sale of 30 tons of gold ores on Thursday, November 7, 2024. State-Owned Enterprises Minister Erick Thohir, who also attended the signing event held at a hotel in the Menteng area, Central Jakarta, stated that the collaboration could save the country's foreign exchange reserves by nearly Rp200 trillion.

"Antam has been importing its raw materials, but with Freeport having a smelter that can produce up to 50 tons, with Antam buying 30 tons, it saves nearly Rp200 trillion. That's a huge amount," said Erick Thohir.

Erick Thohir stated that the synergy of Mining Industry Indonesia's (MIND ID) subsidiary companies supports the downstream industry policy, which in his opinion, is a non-negotiable option. He even stated that downstream industries, which have been championed by President Prabowo Subianto as a national economic fortress.

Furthermore, Erick Thohir hopes that this synergy can expand to financing companies such as state-owned banks to introduce gold savings. "I also ask for collaboration with Pegadaian, BRI, BSI, so that we have a bullion bank. How this metal market can also become part of it," he said.

MIND ID President Director Hendi Prio Santoso hopes that this collaboration can be a pilot project that can be followed by other subsidiaries under the company he leads. He encourages similar collaborations carried out by subsidiaries under the MIND ID mining holding. "And we will make it a model for the future on how one industrial cycle can be done within the country and by our nation," he said.

Meanwhile, President Director of PT Freeport Indonesia (PTFI) Tony Wenas revealed that the Precious Metal Refinery (PMR) in Gresik, East Java can produce gold bars starting from the second week of December 2024, around 50 to 60 tons per year. The 30 tons to be supplied by his company to Antam is valued at US$12.5 billion or equivalent to Rp195.84 trillion, almost reaching Rp200 trillion.

In his presentation, Tony claims to be ready to provide supplies above the quantity specified in the five-year agreement if Antam indeed needs it. "The scope is about 30 tons that will be off take by Antam, if Antam needs more, we are also ready, more than 30 tons also ready," he said.

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