President Joko Widodo (Jokowi) laid the foundation stone for a copper foil factory in Gresik, East Java, with the goal of becoming the largest in Southeast Asia by 2024. The factory is strategically located next to a copper smelter owned by PT Freeport Indonesia, allowing it to directly absorb the cathode copper produced by Freeport. This will enable the factory to produce finished or semi-finished goods like lithium batteries, EV batteries, and electric cars. The factory's location aligns with Indonesia's aspirations to become a developed country in the next 10-15 years, as the demand for copper products will continue to increase alongside the global demand for electric cars. Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan stated that the factory has a high competitiveness value due to its strategic location next to the Freeport Smelter.The factory, with an investment value of US$ 860 million, has a capacity of 100,000 tons per year and is expected to operate in May 2024, coinciding with the completion of Freeport's copper smelter. This marks the fastest construction record for a copper project in the world and demonstrates Indonesia's investment reputation. Luhut called for support from the regional government and stakeholders, including accelerating licensing and providing incentives like tax holidays. (ICE GIACARTA)

Fonte notizia: CNBC Indonesia - 20 June 2023