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Inalum Ready to Operate Freeport's Mines  

Translator

Editor

24 February 2017 17:22 WIB

Grassberg Freeport-McMoran Cooper & Gold Inc. mine in Papua. REUTERS/Stringer

TEMPO.CO, Jakarta - Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan asserted that the Indonesian government is ready to operate PT Freeport Indonesia's mine through state-owned enterprises, such as PT Indonesia Asahan Aluminium (Inalum).

Currently, the government is preparing Inalum to be a holding company for PT Aneka Tambang (ANTM), PT Bukit Asam (PTBA), and PT Timah (TINS).

"The government can operate Freeport's mines. We have Inalum. It's up to the State-Owned Minister, but the plan has been rolled out," Luhut said after attending a meeting at the Finance Ministry in Jakarta on Friday, February 24, 2017.

According to Luhut, the plan will be finalized if the government wins the lawsuit to be filed by Freeport with the international arbitration. Luhut believes that Inalum will be capable of taking over Freeport’s operation.

Currently, the government is in the process of negotiation with Freeport Indonesia in relation to the shift of contract of work (CoW) to a special mining license (IUPK).

Freeport McMoRan CEO Richard Adkerson gave 120 days, starting from the last meeting between both sides on Monday, February 13, 2017, to the government to resolve the differences. Otherwise, Freeport will go through an arbitration process to settle the dispute.

Adkerson alleged that the government violated provisions set forth in the CoW signed in 1991 and Law No. 4/2009 on mineral and coal. Freeport also rejected the special mining license and urged a guarantee for its underground mining investment worth US$15 billion until 2041. The company also rejected an obligation to divest 51 percent of its shares.

GHOIDA RAHMAH | ADITYA BUDIMAN



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