Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video Weather icon 30°C
DKI Jakarta, Indonesia
30°C Partly Cloudy

Dry and mostly cloudy throughout the day.

  • weather-icon


    26℃ - 32℃

  • weather-icon


    25℃ - 32℃

  • weather-icon


    25℃ - 31℃

  • weather-icon


    26℃ - 30℃

Freeport IPO to be conducted after divestment: Minister

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Tue, November 7, 2017 | 03:29 pm
Freeport IPO to be conducted after divestment: Minister Freeport Indonesia’s Grasberg mine in Mimika, Papua. (JP/Nethy Dharma Somba)

Energy and Mineral Resources Minister Ignasius Jonan has said that gold and copper miner PT Freeport Indonesia will hold an initial public offering (IPO) after the completion of its divestment to Indonesian entities as required by law.

“After the central and local governments in Papua own 51 percent of the shares, the company will go public,” said Jonan at the Indonesia Stock Exchange (IDX) in Jakarta on Tuesday as reported by

Jonan said the government disagreed with Freeport's plan to conduct an immediate IPO because the government was preparing for the divestment.

Read also: Indonesia, Freeport still differ on valuation, other issues

“In line with guidance from the President, the divestment will be implemented in stages based on our [financial] ability. Hopefully, it can be implemented soon,” Jonan added.

The government and Freeport Indonesia was initially scheduled to complete negotiations in October, but the deadline has been extended until January 2018 because several issues remain unresolved.

The divestment agreement was announced by Freeport McMoRan CEO Richard Adkerson during a joint press conference with Finance Minister Sri Mulyani Indrawati and Energy and Mineral Resources Minister Ignasius Jonan on Aug. 29.

The company also agreed to convert its contract of work (CoW) into a special mining permit (IUPK), build a smelter within the next five years and increase its contribution to state revenue from its Grasberg mine in Papua in exchange for the contractual extension for the mine operation until 2041. (bbn) 


Join the discussions