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Jakarta Post
The Jakarta Post
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Freeport talks will not be completed in June: Inalum chief

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Tue, June 5, 2018 | 01:23 pm
Freeport talks will not be completed in June: Inalum chief A worker monitors the mineral flotation process to produce copper, gold and silver concentrate at a Freeport Indonesia facility in Papua. (Kompas/B. Josie Susilo Hardianto)

State-owned mining holding company PT Indonesia Asahan Aluminium (Inalum) president director Budi Gunadi Sadikin said he could not guarantee that negotiations over the divestment of copper and gold miner PT Freeport Indonesia’s (PTFI) shares could be completed this month.

Previously, State-Owned Enterprises Minister Rini Soemarno said the government aimed to conclude its negotiations with Rio Tinto over the purchase of the latter’s interests in the mine in June.

Budi, however, assured that the process was on-going. “It is better that the transaction be carried out right than a faster process carried out improperly,” said Budi in Jakarta on Monday as reported by tribunnews.com.

Inalum has been appointed by the government to negotiate with PTFI and Rio Tinto, which has participating interest in Papua’s Grasberg mine. Indonesia aims to control 51 percent shares of PTFI as required by law.

Budi said significant progress had been made in negotiations, although the process would take time, particularly because apart from negotiating with PTFI, his company was also negotiating with Rio Tinto, which had 40 percent participating interest that could be converted into shares.

“There are shares and participating interest. There are also two periods of time 2018-2022 and 2022-41. So there are many items [to be negotiated],” Budi added.

Budi assured that there was no longer a problem on the financing side. “The funds from a consortium of several banks are available,” he added. (bbn)

 

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