PT Freeport to acquire a 25.5% stake in PT Smelting from Mitsubishi Materials.

PT Freeport, a mining companies, to acquire a 25.5% stake in PT Smelting, a JV between Mitsubishi and Freeport Indonesia, from Mitsubishi Materials, a manufacturer of cement products, copper and aluminum products, cemented carbide tools, and electronic materials. The expansion is aimed at boosting the smelter's annual copper concentrate processing capacity by 30 percent. PT Smelting needs US$250 million to fund the expansion cost and target completion date at the end of December 2023.