Freeport's Copper-Gold Production Set to Rise Until 2029, Here is the Projection

Jakarta, CNBC Indonesia - PT Freeport Indonesia (PTFI) targets an increase in copper and gold production up to 2029. This production volume increase target is supported by operational recovery and optimisation of mining capacity in the Grasberg Block Cave (GBC) underground mining area.

PT Freeport Indonesia’s President Director, Tony Wenas, explained that the company is implementing a strategy to return production capacity to normal levels after being constrained last year.

He stated that the increase in ore mining volume will be carried out gradually in line with the progress of infrastructure recovery at the mining site.

“In 2025, we will only mine 139,000 tonnes of ore per day, and in 2026, 156,000 tonnes of ore per day. And in 2027, we will be able to reach production of around 200,000 tonnes of ore per day, which is already around our normal production, and so on until 2029 and beyond,” he stated during a Hearing with Commission VII of the House of Representatives in Jakarta, quoted on Thursday (16/4/2026).

Based on the company’s projections, copper cathode production in 2026 is estimated at 1.1 billion pounds, then rising again to 1.5 billion pounds in 2027. Subsequently, in 2028 and 2029, copper cathode production will increase further to 1.7 billion pounds each.

For gold, the company projects production in 2026 at 0.8 million ounces, then increasing in 2027 to 1.3 million ounces. It will rise again in 2028 and 2029 to 1.4 million ounces per year.

“In 2028, it will already reach a higher level of 1.7 billion pounds of copper and 43 tonnes of gold, and thereafter it will hover around the figures like 2028 and 2029,” Tony explained.

The company is currently focusing on recovering Production Block 1 in the GBC area, which is a region with high-grade ore content. The company targets that this production block can resume full operations in the first quarter of 2027 to support long-term production targets.

“The plan is to ramp up from May until the first quarter of 2027, when we will start operating Production Block 1, which is indeed high grade,” he said.

In addition to recovering the production block, the company is building additional safety infrastructure in the form of a new 3-kilometre drainage tunnel. This facility is specifically designed to channel wet mud material so as not to hinder the main ore mining process and to ensure operational safety in the future.

“We are currently ensuring that all infrastructure, all repair plans, and also mine management are carried out very carefully,” he emphasised.