Government Inaugurates Freeport Gold Refinery in Gresik, Producing Up to 60 Tons Annually

The Indonesian government has officially inaugurated the Precious Metal Refinery (PMR), a gold and precious metal processing facility owned by PT Freeport Indonesia (PTFI) in Gresik, East Java, on Monday (March 17, 2025). The refinery is expected to produce 50-60 tons of gold bullion annually.

Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia revealed that PT Freeport Indonesia has secured a contract with PT Aneka Tambang Tbk (ANTM) to supply 30 tons of gold per year.

"There could be more, and the remainder will be prioritized for the domestic market. I believe this is a great opportunity for entrepreneurs and the public to invest in the gold sector," Bahlil stated after the inauguration, as quoted on Tuesday (March 18, 2025).

Stable Investment Amid Global Economic Uncertainty

Bahlil emphasized that gold remains a stable investment option, particularly in an era of global economic uncertainty. He also assured that the gold produced at this refinery has international certification, ensuring its quality and credibility.

The PMR is the largest gold refinery in Indonesia, with an investment value of US$630 million (approximately Rp10 trillion).

"For Freeport in Gresik, production capacity is 50-60 tons per year. Meanwhile, Amman Mineral produces 18-20 tons of gold annually. Combined, the two refineries could reach a total output of 60-70 tons per year," Bahlil explained during his speech at JIIPE, Gresik, on Monday (March 17, 2025).

Part of the World’s Largest Single-Line Copper Smelter

The PMR is part of a larger copper concentrate smelter project in Gresik, which is the world’s largest single-line smelter, with a total investment of US$4.2 billion.

Bahlil further stated that the government has approved an export permit extension for Freeport, following a fire incident at the sulfuric acid plant that temporarily halted production. "Now, the refinery has been officially inaugurated by President Prabowo," he concluded.