Freeport Records Gold Sales of 16.10 Tons in Q1 2024

April 25, 2024, 12.15 AM | Reporter: Diki Mardiansyah

ILUSTRASI. TEMBAGAPURA/25/11-STATES MINING CONTENT. A PT Freeport Indonesia mining chunk in Grassberg, Tembagapura, Timika, Papua, Sunday (25/11). Based on the current work contract, the government receives royalties from PT Freeport Indonesia of four percent copper, 3.75 percent gold, and 3.25 percent silver. From these royalties, the government stated that Indonesia must increase its royalties from the current contract. DOK. KONTAN

FREEPORT - JAKARTA. NEW YORK. Freeport McMoran, the parent company of PT Freeport Indonesia, has reported its performance up to the first quarter of 2024. Freeport recorded sales of 16.10 tons of gold, or about 568,000 troy ounces, nearly reaching Rp 20 trillion by the first quarter of 2024.

According to Freeport McMoran's report, this gold sale marked an increase of up to 110% compared to the first quarter of 2023 sales, which were 270,000 troy ounces.

The gold sales in the first quarter of 2024 more than doubled the sales performance of the first quarter of 2023, due to increased mining and concentrate processing at PT Freeport Indonesia.

In detail, the sales performance in the first quarter of 2024 was bolstered by an increase in Freeport's gold production, which reached 549,000 troy ounces, or an increase of up to 35.6% from the gold production in the first quarter of 2023, which was 405,000 troy ounces.

In addition to increased production, Freeport also recorded an increase in the average gold sales price of 10%, from US$ 1,949 per troy ounce in the first quarter of 2023 to US$ 2,145 per troy ounce.

With the average gold sales value up to the first quarter of 2024, the total value of Freeport's gold sales nearly reached Rp 20 trillion, the exact figure being Rp 19.79 trillion.

"Our first quarter results reflect strong execution of our operating plan, consistent with our long-standing focus on operational execution," said Kathleen L. Quirk, President Director of Freeport McMoran in a written statement on Wednesday (24/4).