TEMPO.CO, Jakarta - Coordinating Economic Minister Chairul Tanjung stated that PT Freeport Indonesia has agreed to release its 20.7 percent of stock ownership to Indonesian Government, adding to 9.3 percent that is currently owned by the government.

“Freeport has signed the memorandum of understanding and agreed to divest 30 percent of its shares,” Chairul said on Friday, September 5, 2014.

Chairul explained that by owning 9.3 percent of Freeport’s shares, the government had no power to bill dividend from the company. Chairul added that the current and new governments should sit together to seek dividend from Freeport. However, he admitted that the effort was hampered since the government imposed bans on the company to export its production.

Finance Minister Chatib Basri welcomed Freeport’s intention to divest up to 30 percent of its shares to the government.

“Larger share ownership would be better [for Indonesia],” Chatib said at his office yesterday.

Based on the government’s calculation, the government had only received about half of the amount to be paid by Freeport. The rest of the payment was hindered because the government imposed bans on exports during the process of mining contract renegotiation.

AMOS SIMANUNGKALIT | JAYADI SUPRIADIN