Politics
By early 2025, Bahlil aims for RI to control 61% of Freeport shares
Jakarta, CNBC Indonesia – Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia aims for the 10% stake increase project in PT Freeport Indonesia (PTFI) to be completed by early 2025. In this way, Indonesia will hold the largest share of Freeport, becoming 61%. .
“God willing, early next year. It depends on the communication with Freeport,” Bahlil explained when asked when the government was targeting an additional 10% stake in PTFI, during a meeting at the State Palace in Jakarta, Thursday (10/31/2024). .
Bahlil revealed that his party is currently waiting for the finalized report from the PTFI. Keeping in mind that PTFI's copper refining and processing facility (smelter) in Gresik, East Java experienced a fire some time ago.
“So maybe once the team is finished, we will start talking about (additional shares in government shares) again,” Bahlil said.
Meanwhile, it is said that the proposed 10% increase in state shares in PTFI will be offered at the lowest possible price. Without enthusiasm, Bahlil said the plan to add shares could potentially be free.
“(The plan to add shares) is 10%. I've said it before, the price is as low as possible. It even has the potential to be free,” he stressed.
“But I assure you that this extension will be good, good for Indonesia. Because 50% of the shares now belong to the Indonesian government, as well as Freeport-McMoran,” he said.
As is known, PTFI must meet at least several conditions to obtain an extension of its Special Mining License (IUPK) after 2041. One of them is an increase in Indonesian shares by 10% in PTFI.
Previously, Bahlil Lahadalia, who at the time was still Minister of Investment/Head of BKPM, once revealed that negotiations to increase the government's stake by 10% in PT Freeport Indonesia (PTFI) had entered the final phase.
“Now the process is in the final stage to add 10% shares to the Indonesian government,” Bahlil said in CNBC Indonesia's Economic Update program, Thursday (8/1/2024).
Besides adding 10% shares, PTFI is also required to build a new smelter in Fak-Fak, Papua. The construction of a new foundry in Papua is very important for the local population.
(pgr/pgr)
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