Freeport Must Release 51 Percent of Shares in 2019

Freeport Must Release 51 Percent of Shares in 2019
PT Freeport Indonesia
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JAKARTA - PT Freeport Indonesia must complete divestment process in 2019. The mining giant from the United States (US) has previously agreed to release 51 percent of its shares to the Indonesian government.

"About the stock, I am correcting that we have to finish until 2019. So when we start, already sign cooperation," said said Coordinating Minister of Maritime, Luhut Binsar Pandjaitan at the Office of the Coordinating Ministry of Maritime, Jakarta on Wednesday (13/9).

In that time period, continued Luhut, Freeport mining company must complete construction of processing and refining plant (smelter). As is known, Freeport is currently planning to build a smelter in Gresik, East Java.

"The legal basis used by the IUPK is no longer using the COW, but it is signed when all is done, so Freeport must finish building the smelter," he added.

He said that the government is still reviewing the Freeport shares purchase scheme. Including the amount of shares for local government. However, underlining, stock valuations do not include the existing reserves at the Grasberg mine.

"The divestment of 51 percent is now being discussed between central and regional governments, what percentage of local governments may be 5-10 percent. Valuation submits to the market, independent of the two parties, so there are studies and formulas, but not with the reserves," he said.
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