BUMN Holding Mining Industry Indonesia, MIND ID revealed the utilization of domestic gold through PT Aneka Tambang Tbk. (Antam) is expected to absorb all gold production of PT Freeport Indonesia.

This follows the inauguration of PT Freeport Indonesia's Precious Metal Refinery (PMR) in Gresik on Monday, March 17, 2025. This PMR facility has a gold production capacity of 50 to 60 tons per year.

As part of the downstream ecosystem, Antam, which has a London Bullion Market Association (LBMA) certification with a purity level of 99.99%, will build a gold processing and certification facility in the JIPPE area, Gresik.

This factory will process gold produced by Freeport Indonesia, and will also be the first step in establishing a Bullion Bank in Indonesia.

MIND ID President Director, Maroef Sjamsoeddin said that MIND ID is committed to supporting Indonesia's mineral sovereignty by optimizing the supply chain and mineral processing domestically.

"We hope that Antam can absorb all of Freeport's gold production to meet domestic gold needs which reach 70 tons per year," he said in an official statement, Tuesday (18/3).

ESDM Minister Bahlil Lahadalia added that the construction of PMR is a real proof of the government's commitment to accelerating mineral downstreaming. Since 2018, Freeport has been required to build a smelter as a condition for extending its special mining business permit (IUPK).

"The investment in this smelter reaches USD 4.2 billion, with the gold refining facility itself costing USD 630 million or around IDR 10 trillion," he explained.

As a continuation of downstreaming, Freeport Indonesia will also develop copper derivative industries, including copper foil and cables, with an investment of around Rp 6 trillion in Gresik. This step will provide a multiplier effect for various related sectors in the country.

Maroef emphasized that the optimization of mineral downstreaming by MIND ID and its subsidiaries, including Antam, will contribute greatly to strengthening the independence of the national gold industry.

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