Indonesia's PT Smelting, a joint venture between Mitsubishi Materials Corp and Freeport Indonesia, on Saturday launched construction of a 3.2 trillion rupiah ($223 million) expansion of its East Java copper smelting facility. The expansion will increase output capacity at the plant to 342,000 tonnes of copper cathode from 300,000 tonnes currently, the company said in a statement. PT Smelting processes copper concentrate produced by Freeport Indonesia, a unit of Freeport-McMoRan, from the Grasberg mine in Indonesia's Papua region.
Japan's Mitsubishi Materials Corp said on Thursday it will sell its aluminium business, used for beverage cans and automotive parts, to U.S. investment fund Apollo Global Management for an undisclosed sum. Although the aluminium market is expected to grow globally, Mitsubishi Materials has decided to divest its aluminium business as it is difficult to find synergies with its other businesses such as copper products for electric vehicles and cement, it said in a statement. Mitsubishi Materials also said its stake in Indonesia's copper smelter PT Smelting, its joint venture with PT Freeport Indonesia, will fall to 35% from 60.5% after an expansion of the smelter's processing capacity.