PT Freeport Indonesia, which is an affiliate of Freeport-McMoRan of the US, announced that it will invest US$400 million in the development of the Kucing Liar deposit in Indonesia over a 10-year period.

The company is located in the mining area of Grasberg, Indonesia, which is the largest copper and gold mining area in the world.

On the other hand, Freeport's newly-built copper smelter in Indonesia was expected to be completed in 2023. By then, it will continue to obtain mining rights in Indonesia without the requirement of export duties.

Freeport's vision for copper sales this year is about 1.75 million tons. The sharp rise in copper prices this year contributed much revenue to the company, and it was expected to continue into next year.