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Papua to discuss distribution of 10% Freeport shares

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Wed, October 11, 2017 | 11:49 am
Papua to discuss distribution of 10% Freeport shares Freeport Indonesia’s Grasberg mine in Mimika, Papua (JP/Nethy Dharma Somba)

Provincial and regental administrations in Papua are to discuss the distribution of 10 percent shares in gold and copper miner PT Freeport Indonesia after Freeport agreed to divest 51 percent of its shares, reported Antara.

Papua Governor Lukas Enembe said the shares should be distributed to the Papuan people through “one door”, suggesting that no single party should discuss the matter with the central government on behalf of the Papuan people.

“The provincial administration and the administrations of regencies surrounding the mining site, as well as leaders of customary communities, will discuss the details [instead],” Antara quoted Lukas's statement on Tuesday .

Read also: Freeport divestment deal still far from settlement

PT Freeport Indonesia's agreement to divest 51 percent of its shares was announced by Freeport McMoran CEO Richard Adkerson during a joint press conference n Aug. 29 with Finance Minister Sri Mulyani Indrawati and Energy and Mineral Resources Minister Ignasius Jonan. 

American mining giant Freeport McMoRan is the parent company of Freeport Indonesia.

“Once the central government agrees to give [Papua] 10 percent of the shares, we will buy them. We will discuss the technical details of the shares' purchase,” said Lukas, adding that his administration was following progress of the ongoing discussions between the central government and Freeport representatives.

Although Freeport agreed to divest its shares in principle, the company has not yet accepted the the government's proposed divestment scheme, which includes the shares' valuation and the divestment schedule. (bbn)

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