Freeport finally agreed to release 51 percent of shares

By : Ahmad Fadli Dan Aldo Bella Putra | Tuesday, August 29 2017 - 19:00 IWST

Ricard C Adkerson Presiden dan CEO Freeport, di Jakarta, Senin (20/2/2017)
Ricard C Adkerson Presiden dan CEO Freeport, di Jakarta, Senin (20/2/2017)

INDUSTRY.co.id - Jakarta - PT Freeport Indonesia, a US mining company operating in Papua, agreed to release its stake up to 51 percent.

Since its operation in 1967 until now, the Government of Indonesia's shares are only 9.36 percent. Freeport also said it would comply with the provisions issued by the government. So it was raised in a press conference about the results of government negotiations with PT Freeport Indonesia.

"Both parties agreed to divest 51 percent of PT Freeport Indonesia's shares to Indonesia's national ownership," ESDM Minister Ignatius Jonan said in an official statement on Tuesday (29/8).

Technical matters related to the divestment stage and implementation time will be discussed by the team from the Government and PT Freeport Indonesia. Jonan said, the government and PT Freeport Indonesia will work together to immediately complete the documentation of the agreed structure.

 In addition, PT Freeport Indonesia will obtain the necessary corporate approvals.

"The result of this negotiation is in accordance with the instructions of Mr. President Joko Widodo to prioritize the national interest, the interests of the people of Papua, the sovereignty of the state in the management of natural resources, and keep the investment climate remain conducive," he said.

The divestment is one of the four points of agreement between the government and PT Freeport Indonesia for the continuity of the US mining company's business in Indonesia.

The rules concerning share divestment are contained in Government Regulation No. 1 of 2017 concerning the fourth amendment of Government Regulation No. 23/2010 concerning the Implementation of Mineral and Coal Mining Business Activities.

News Comment

Today's Industry

The President Director of PT Trimegah Sekuritas Indonesia Tbk (TRIM), Philmon Tanuri (left) delivered remarks at the kick off of Trimegah's collaboration with IA SBM-ITB in Jakarta on Wednesday (05/06/2024).

Jumat, 07 Juni 2024 - 19:43 WIB

Trimegah Sekuritas Supports Ikatan Alumni SBM-ITB to Realise Lifelong Learning Mission

In order to realise its mission of “Educate and create wealth for community through unique and professional investment experience”, PT Trimegah Sekuritas Indonesia Tbk (TRIM) collaborates…

Wellington College Independent School Jakarta (WCIJ)

Senin, 29 April 2024 - 05:02 WIB

One of the UK’s Most Established Schools Chooses Jakarta for Their Latest Opening

Wellington College Independent School Jakarta (WCIJ) is thrilled to announce its grand opening in September 2024! As the first private UK school to open in Indonesia, WCIJ, a pioneering co-educational…

Presiden Jokowi

Selasa, 23 April 2024 - 10:29 WIB

President Jokowi Reaffirms Commitment to Farmers’ Welfare

President Joko “Jokowi” Widodo on Monday (04/22) inspected corn harvest in Boalemo regency, Gorontalo province. “Our corn import has decreased significantly from 3.5 million tonnes to…

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…