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Papua Will Get Freeport's Shares: Minister Luhut  

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28 February 2017 15:38 WIB

Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan. TEMPO/Dhemas Reviyanto

TEMPO.CO, Jakarta - Coordinating Minister for Marine Affairs Luhut Binsar Pandjaitan confirmed that the Papua administration will get shares from PT Freeport Indonesia's divestment

"Surely, they will get [shares], but we're still discussing about the percentage," Luhut said at his office in Jakarta on Tuesday, February 28, 2017.

Luhut dismissed Mimika regent's claim, saying that Luhut had promised to provide the Papua administration with 10-20 percent cut from the share divestment.

"That's the figure they wanted, but it's impossible," Luhut clarified.

Luhut explained that the mechanism to transfer the shares to the Papua administration would be discussed later. However, Luhut ensured that Papua would enjoy the shares.

Earlier, Mimika Regent Eltinus Omaleng said that the central government had promised to provide up to 20 percent of Freeport's shares. Eltinus explained that the shares will be divided for the Papua provincial administration, the Mimika administration, and the people who have customary rights. The rest of the shares would be owned by the central government.

On January 11, 2017, President Joko "Jokowi" Widodo signed Government Regulation No. 1/2017 on the fourth amendment to Government Regulation No. 23/2010 on mineral and coal mining business. The government regulation requires Contract of Work (CoW) holders to refine minerals in Indonesia or otherwise will be banned to export concentrates. In addition, the regulation requires miners to shift from CoW to special license (IUPK). As a result, Freeport is also required to divest 51 percent of its shares this year.

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