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Freeport to Divest 51 Percent Stake, Minister Claims
Coordinating Minister for Maritime, Luhut Binsar Pandjaitan shake hand with Minister of Energy and Mineral Resources Ignasius Jonan during handover of a position in Jakarta, Oct. 17, 2016. Tempo/Tony Hartawan
Friday, 07 April, 2017 | 07:16 WIB
Freeport to Divest 51 Percent Stake, Minister Claims

TEMPO.CO, Jakarta - Coordinating Minister for Maritime Affairs Luhut Binsar Pandjaitan expressed his confidence that Freeport will agree to divest 51 percent of its shares as a requirement to secure a special mining business permit (IUPK). Luhut told the media that the mining company has hinted at agreeing with the deal.

"The process is ongoing, pending the negotiation of the 51 percent," Luhut said after meeting President Joko Widodo at the Presidential Palace on Thursday evening, April 6, 2017.

Freeport has recently obtained the IUPK, albeit with a temporary export permit as the company and the Indonesian government continue to negotiate on its tax scheme and 51 percent divestment.

Luhut went on to say that the Energy and Mineral Resources Minister Ignasius Jonan will try to his best to make it happen. Luhut said that negotiation on divestment will be carried out in stages.

"It's been negotiated by Pak Jonan. An agreement is likely, why wouldn't [Freeport] agree?" Luhut said convincingly.

Minister Jonan yesterday said that negotiation with Freeport in connection with IUPK will take six months. During which, Freeport will hold an IUPK with an eight-month temporary permit for concentrate export starting February.

"The negotiation has run for over two months. Give [Freeport] six months; a temporary export permit has been given. Every three months, we will send an independent verifier to examine the situation on the ground," Jonan concluded.


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