President Prabowo Subianto inaugurated PT Freeport Indonesia's Precious Metal Refinery (PMR) facility at the Java Integrated Industrial and Port Estate (JIIPE) area in Gresik, East Java, on Monday, March 17, 2025. 

This refining facility, part of Freeport's Manyar Copper Smelter area which was previously inaugurated by the 7th President Joko Widodo on September 23, 2024, is equipped with hydrometallurgy technology that is capable of processing anode mud − the result of refining copper concentrate − into gold, silver, and other precious metals. 

Prabowo emphasized that the presence of Freeport's PMR is a strategic step in accelerating downstreaming of Indonesian mineral industry. 

"Our nation will not only sell raw materials, but also finished goods, final products that have very large added value," Prabowo said in his speech.

He cited that Freeport's gold refining facility is the largest in the world in terms of process integration, from upstream to downstream in one industrial entity. 

Capacity 

Freeport's PMR facility in Gresik has a refining capacity of around 50 tons of gold, 200 tons of silver, 30 kilograms (kg) of platinum, and 375 kg of palladium per year. Freeport Indonesia has started producing gold bars since December 30, 2024, with a purity level of 99.99 percent. 

In November 2024, Freeport signed a gold sale and purchase agreement with State miner PT Aneka Tambang (Antam), witnessed by Minister of State-owned Enterprises Erick Thohir and Deputy Minister of Energy and Mineral Resources (ESDM) Yuliot Tanjung.

On February 12, 2025, Freeport made its first shipment of gold bars to Antam. The shipment included 125 kg of gold with a purity level of 99.99 percent, worth Rp207 billion (US$12.6 million). PT Freeport President Director, Tony Wenas, said that the gold came from the processing of 12.56 tons of anode mud from PT Smelting's PMR facility in Gresik. 

Freeport is committed to continuing its cooperation with Antam, with a production target of up to 30 tons of gold per year. The gold raw material will then be processed at Antam's precious metal processing and refining plant. 

Tony added that the gold sale and purchase contract will last for the next five years, with a transaction value ofUS$12.5 billion.