Indobusiness - PT Freeport Indonesia to sell 198 thousand ounces of gold (1 ounce equals 31.1 grams) of the Grasberg mine in Papua during the first 3 months or the first quarter of 2013. This decreases the amount of gold sales in the same period last year as many as 266 thousand ounces.
Freeport gold sales from the world's largest gold mine in Papua it has indeed continued to decline. Then for a year in 2012, gold sales from Grasberg Freeport reaches 915 thousand ounces of sales in 2012 fell as much as 1.27 million ounces.
Freeport performance reports first quarter 2013, which was quoted on Saturday (04/20/2013).
The report said, in addition to the number of sales decreased, the average price of gold for sale Freeport also drops. In the first quarter of 2013, the average sales price of Freeport gold mine in Papua is U.S. $ 1,604 per ounce, down from the same period in 2012 amounted to U.S. $ 1,695 per ounce.
Number of Freeport gold production in the first quarter 2013 were 212 thousand tons, down from the same period in 2012, which amounted to 229 thousand tons.
If multiplied by the average price, then in the first quarter of 2012 Freeport earn money from selling gold at Grasberg mine, Papua New U.S. $ 306.3 million or around Rp 2.9 trillion. This number decreased from the same period in 2012, which reached U.S. $ 388 million or around Rp 3.6 trillion.
In addition to gold, from the Grasberg mine in Papua, Freeport also sell as much as 198 million pounds of copper in the first quarter of 2013, up from the same period in 2012 amounted to 134 million pounds,
Although sales of gold Freeport Papua great value, but the government has been caught only 1% share of royalties. Then to copper only government can ration royalties 1.5% -3.5%. Royalty is obviously much lower than other countries usually impose 6% for copper and 5% for gold and silver.
In Indonesia, the rules set mining royalties Government Regulation (PP) No.45/2003 on Rate State Revenue (tax revenues) are applicable, set the gold royalty of 3.75% of the selling price times the tonnage.
Freeport works contract signed in 1967 for a period of 30 years. Work contract signed at the beginning of the reign of President Suharto was given to the contractor exclusive Freeport mine in the area of 10 square kilometers in Papua.
In 1989, the Indonesian government re-issued exploratory permits for 61,000 additional acres. And in 1991, signing a new contract work performed for the validity period of 30 years following two 10-year extensions. This means a new work contract will expire in Freeport 2041.
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