Freeport seeks to withdraw $20m from smelter funds
Wednesday, May 11 2016 - 03:26 AM WIB
PT Freeport Indonesia has made a request to be allowed to withdraw US$20 million of the so-called smelter guarantee funds to pay for consultancy services for its copper smelter project in Gresik, East Java, Kontan reported on Wednesday.
The paper quoted Ministry of Energy and Mineral Resources Spokesman Sujatmiko as saying that the ministry is still evaluating the request. No further details were provided.
Freeport Indonesia is planning to develop a $2.3 billion copper smelter in Gresik as the government plans to start banning export of copper concentrates next year. The company has deposited funds within a government escrow account as proof of its commitment to develop the smelter. The smelter guarantee funds also forms part of the requirements for the company to be able to obtain export permit. (*)