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Inalum Officially Take Over 51 Percent of Freeport Share

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27 September 2018 21:04 WIB

Freeport-McMoRan Chief Executive Officer Richard Adkerson (L), and PT Inalum Chief Executive Budi Gunadi Sadikin shake hands after signing an initial agreement for the state-owned mining company Inalum to take a controlling stake in Freeport's local unit, in Jakarta, Indonesia, July 12, 2018. REUTERS/Darren Whiteside

TEMPO.CO, Jakarta - The government through Indonesia Asahan Alumunium (Inalum) officially becomes the majority shareholder in the US-based miner Freeport Indonesia with 51 percent stake after signing the Sales and Purchase Agreement (SPA) today, September 27.

Inalum CEO Budi Gunadi, Freeport McMoran Inc. CEO Richard Adkerson, and Rio Tinto Indonesia signed the contract. Three ministers who witnessed the SPA signing were Energy and Mineral Resources (ESDM) Minister Ignasius Jonan, SOE Minister Rini Soemarno, and Finance Minister Sri Mulyani.

“Congratulation to Inalum and Freeport,” said ESDM Minister Ignasius Jonan at the ministry building, Central Jakarta, Thursday, September 27.

The signing of Sales and Purchase Agreement (SPA) was the follow-up of the head of agreement (HoA) inked by Inalum and Freeport McMoRan Inc on July 7, 2018. At that time, all parties agreed on the total divestment value of Freeport Indonesia worth US$3.85 billion.

The figure divided from US$3.5 billion of Rio Tinto's participating interest (PI) at 40 percent shares in Freeport Indonesia and US$350 million for the 5.6 percent stake of Indocopper Investama, which were owned by Freeport McMoran Inc.

The financial close would later take place following the signing of SPA where usually the lender or banks would present to sign the agreement.

Jonan explained the HoA was a preparatory step to fulfill the requirements needed for the SPA today. Freeport Indonesia would then send a letter to ESDM Ministry as the regulator in light of the permit changes from the previous Contract of Work (CoW) into a special mining business permit (IUPK). The completion depended on the payment completion.

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