Jakarta Post

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.

  • Wed

    26℃ - 32℃

  • Thu

    25℃ - 32℃

  • Fri

    25℃ - 31℃

  • Sat

    26℃ - 30℃

Indonesia now controls 51 percent of Freeport shares

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Thu, July 12, 2018 | 03:31 pm
Indonesia now controls 51 percent of Freeport shares President Joko "Jokowi" Widodo (Antara/Rosa Panggabean)

State-owned mining holding company Inalum now owns a 51 percent share of gold and copper miner PT Freeport Indonesia after years of “tough” negotiations, President Joko “Jokowi” Widodo announced on Thursday.

“I received reports that our mining holding company, Inalum, has reached an agreement with Freeport related to our 51 percent ownership of [Freeport] from the previous figure of 9.36 percent,” Jokowi said at the Indonesia Convention Exhibition (ICE-BSD) in Tangerang, Banten.

Previously, US mining giant Freeport McMoRan Inc. (FCX), a parent company of PT Freeport Indonesia, owned 90.64 percent of PT Freeport Indonesia’s shares.

The President described the three-and-a-half-year negotiation process as “very tough”.

He did not reveal the value of the divestment, saying that he had authorized State-Owned Enterprises Minister Rini Soemarno, Finance Minister Sri Mulyani and Energy and Mineral Resources Minister Ignasius Jonan to handle the matter.

He said the completion of Freeport’s divestment was a breakthrough for Indonesia, because the country could now enjoy more taxes, royalty and dividends from the company.

“Our national interests should come first,” Jokowi said, adding that the successful deal was followed by the takeover of Mahakam Block, now managed by state-owned energy giant Pertamina. (bbn)

Join the discussions