The Indonesian state owned mining company, Inalum, says its revenue will jump ten fold by 2022.
Freeport-McMoran mine in West Papua. Photo: AFP PHOTO / OLIVIA RONDONUWU
Inalum now holds 51.23 percent of the mine company PT Freeport Indonesia after the Indonesian government paid $US3.85 billion dollars to increase its shareholding from 9.36 percent.
The Jakarta Post reported revenue last year was $US180 million but this is forecast to increase to $US1.8 billion in 2022.
There will be no revenue through 2019 and 2020 as the company transitions from open pit mining to underground mining.
The newspaper said the company's Papua mine had potential gold and copper reserves worth $US170 billion.