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Govt Allocates US$3.85bn for 51% Stake in Freeport Indonesia  

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13 July 2018 16:14 WIB

Indonesia's Energy and Mineral Resources Minister Ignasius Jonan (L) and Indonesia's Finance Minister Sri Mulyani Indrawati (C) watch as Freeport-McMoRan Chief Executive Officer Richard Adkerson and PT Inalum Chief Executive Budi Gunadi Sadikin exchanges document of an initial agreement for the state-owned mining company PT Inalum to take a controlling stake in Freeport's local unit during a ceremony in Jakarta, Indonesia, July 12, 2018. Tempo/Tony Hartawan

TEMPO.CO, Jakarta - The government through Indonesia Asahan Alumunium (Inalum) will allocate US$3.85 billion to buy shares of Freeport Indonesia (PTFI). With the purchase, the government will be the majority shareholder in the US-based miner with 51 percent stake.

Inalum, PTFI, and Rio Tinto signed the head of agreement (HoA). Inalum will buy shares from Freeport McMoran (FCX) and participating interest (PI) rights from Rio Tinto at PTFI.   

SOE Minister Rini Soemarno said on Thursday, July 12, that Inalum is taking over the PI from Rio Tinto and 100 percent from Indocopper. 

"Added to the government's owned shares, the total stake would be 51.38 percent. The total value with the interest-takeover from Rio Tinto and Indocopper is US$3.85 billion," the minister said.

Inalum's 51 percent ownership in Freeport Indonesia will be actualized over the next discussion, Rini added. Right now, nothing has materialized yet as only a head of agreement has been signed to "lock prices" before negotiations can proceed to be finalized as a joint venture agreement.

Rini added that the negotiation will likely take place two months from now.

MUHAMMAD HENDARTYO



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