Freeport Indonesia, Mitsubishi Materials to expand Gresik copper smelter 30%

SINGAPORE, Nov 14 (Reuters) -

* PT Freeport Indonesia and Mitsubishi Material Corporation signed an memorandum of understanding on Friday to expand their copper and refining plant in Gresik, Freeport Indonesia spokesman told Reuters on Saturday.

* The copper smelter, located east of Indonesia’s Java island, is operated by the two companies under a joint venture called PT Smelting, which aims to increase its capacity from 1 million dry metric tonnes (DMT) per year to 1.3 million DMT per year, Freeport Indonesia spokesman, Riza Pratama said.

* “PT Smelting’s expansion work is scheduled to be completed in 2023,” Riza said, adding that the financing for the expansion will be made by Freeport Indonesia.

Reporting by Fathin Ungku; Editing by Christian Schmollinger