SHOWCASE COPPER MINE OF THE WEEK - GRASBERG MINE

Grasberg mine in the Papua province of Indonesia ranked as the world’s tenth largest copper mine by reserve. The mine’s open pit and underground copper reserves as of December 2012 were estimated at 10.47Mt. The mine produced 315,246t of copper in 2012. Grasberg was also the biggest gold mine in the world by reserve. The Grasberg mineral deposit was discovered in 1988. Open-pit mining operation started in 1990. PTFI holds a 90.64% interest in the Grasberg mining operation. The Government of Indonesia holds the rest, representing a 9.36% stake. Freeport Indonesia (PTFI), a subsidiary of Freeport-McMoRan (FCX), operates the mine. Rio Tinto sold it's 40% stake in July 2018.