Freeport Give Up on Terms of Indonesia

Freeport Give Up on Terms of Indonesia
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JAKARTA - After through tough negotiations, finally Indonesian government and PT Freeport Indonesia reached an agreement. There are three agreements to be resolved as soon as possible.

Minister of Energy and Mineral Resources (ESDM), Ignasius Jonan explained, the three such accords are divestment of PT Freeport Indonesia shares by 51 percent. Where, negotiations will be done in detail but the provisions can be changed until the concessions and last stay discussed.

"The President's
(Jokowi) direction, in this week should be resolved while Freeport CEO is in Indonesia," said Jonan in a press conference at the Ministry of ESDM which also attended by Minister of Finance, Sri Mulyani and CEO of Freeport McMoRan Inc, Richard C Adkerson.
The second agreement continued, Freeport agreed to build a smelter within five years. It's just that, to build a smelter needs to be done in detail.

Third, Freeport must be able to keep the state revenue in accordance with the agreement with the pattern of changing the work contract (KK) into a special mining business license (IUPK).

"From there, Freeport asks for a guarantee of stability, so that state revenues can be maximized.The magnitude will be better than the contract system that has been done," said Jonan.
Freeport Give Up on Terms of Indonesia
"For three years, President Jokowi has agreed to work closely with Freeport.  Me and Mrs. Mulyani have been negotiating for 3-4 months, with various efforts and good cooperation from all agencies," he added.

Previously, both the Coordinating Minister for the Economy, Luhut Binsar Pandjaitan and the Minister of Energy and Mineral Resources, Ignatius Jonan confirmed if Freeport must divest as much as 51 percent.
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