Freeport Indonesia, which operates the world’s second-largest copper mine Grasberg in Papua, estimates that it would require $3 billion to develop the Gresik smelter, which would have a processing capacity of 2 million tonsThe facility would also produce 550,000 tons of copper cathodes alongside anode slime treatments, which can produce 40 tons of gold per year.The smelter will be located within the Java Integrated Industrial Port Estate (JIIPE) managed by publicly listed distributor of basic chemical and petroleum AKR Corporindo and state port operator Pelindo III.Tony said the progress of Freeport Indonesia’s Gresik smelter stands at 4.88 percent as of February and assured lawmakers that the smelter’s construction would be finished on time at the end of 2022. This compares to the project’s 3.21 percent completion rate reported in July 2019. Topics : “It’s true that initially, progress was slow. However, when physical construction starts in August, [the progress] would increase significantly.”Read also: Freeport Indonesia spends $150m on smelterLaw No. 4/2009 on coal and mineral mining requires mining companies to build smelters so they will export refined mineral products instead of unprocessed minerals, hence drawing more value out of the country’s mineral wealth.Smelter construction was one of four stipulations agreed on by the central government and Freeport Indonesia for the miner to continue operating in the country, in addition to the former acquiring a 51 percent stake in the company.The government expects to see $7.75 billion in mining investments this year, the highest projected amount between 2015 and 2024, fueled by a tidal wave of smelter development projects.Read also: Indonesian mining investments to reach five-year high in 2020Tony warned that the downstream industries must step up their performance to fully absorb the drastic increase of copper supply once the Gresik smelter was completed, as currently only 30 percent of PT Smelting’s products were absorbed by local industries.“If the downstream industry stagnates, all of our second smelter’s end products would be for exports,” he said. A wave of smelter constructions began a few years ago in anticipation of the government’s ban on mineral ore exports. The world’s leading nickel producer set a ban on exports of nickel ore starting in 2020 and will do so for all other mineral ores in 2022. The ban enforces the government’s aim of extracting more bang for its buck from the country’s mineral wealth.Freeport Indonesia spokesman Riza Pratama said earlier this month that the mining giant would pour this year’s investments into developing the Gresik smelter as well as an underground mine in Timika, West Papua, where the United States-based miner operates the world’s largest gold mine.The capex spent on the Gresik smelter project would be primarily used for the facility’s physical construction, Riza told The Jakarta Post following the House’s hearing on Wednesday.“[Most of the budget] allocation will be used for engineering, procurement and construction,” Riza said. (mpr) Gold and copper miner PT Freeport Indonesia will spend US$600 million in capital expenditure (capex) this year for the construction of a smelter in Gresik, East Java, as part of Indonesia’s downstream efforts for the mining industry.Freeport Indonesia president director Tony Wenas told the House of Representatives Commission VII overseeing energy and mining affairs that the company would increase the capex to $1.1 billion to continue the smelter’s development.“Our [capex] for this year and the next will be huge,” Tony told lawmakers in Jakarta on Wednesday.
Yep, hockey is indeed back.The Rangers and Hurricanes brought some immediate excitement to Saturday afternoon’s Stanley Cup Qualifier, the first official game of the NHL’s restart. Carolina’s Jaccob Slavin scored one minute and one second into the matchup after receiving a nice cross-ice pass from Teuvo Teravainen. (Fun fact: Slavin is the first player to score in August in NHL history.)Blink and you missed it! 🚨The @Canes waste no time and strike FIRST. #StanleyCup📺: NBCSN💻: https://t.co/87i526ld5o pic.twitter.com/RPI4FpbSer— #StanleyCup Qualifiers on NBC (@NHLonNBCSports) August 1, 2020MORE: Standings, seeds & Round 1 projections for Stanley Cup playoffsThen, less than two minutes later, Justin Williams and Ryan Strome decided to throw hands near New York’s bench. So much for easing back into things. Think Willy is fired up? pic.twitter.com/1ojti8Cf5g— Carolina Hurricanes (@Canes) August 1, 2020If you wanted intense action on the ice, the Rangers and Hurricanes checked every box over the first 20 minutes. Just take a look at the stats from the period:RangersStatHurricanes4Shots1217Hits910Faceoffs Won811Penalty Minutes13Keep in mind Rangers vs. Hurricanes is just the beginning of Saturday’s five-game slate. As they say in hockey, let’s do that hockey.
Get the suntan lotion out – the country is set to bask in temperatures of up to 24 degrees this week.But the bad news is that it won’t be all sunshine as there is rain forecast too.Met Eireann say today will be mostly dry with some sunny spells over Connacht and Ulster. However, it will stay humid and overcast over the southern half of the country with patches of rain or drizzle.Fog will hold in coastal areas of the south and southwest.For those in the outdoors, top temperatures will range between 17 to 24 degrees with Clones set to sizzle for the big GAA game between Donegal and Tyrone.Top temperatures will peak at 24 degrees with a light breeze. It will be very warm and humid at the start of next week.It will be followed by a spells of showery rain which be heavy or thundery.Met Eireann posted on Twitter: “Mostly dry with some sunny spells over W & N but humid with patchy rain/driz over S & south Leins.“Highs 17 to 21 deg in mod W breeze.”COULD IT BE THE ARRIVAL OF SUMMER? TEMPS SET TO HIT 24 DEGREES THIS WEEK! was last modified: July 16th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalsummersunshinetemperatures