Politics
Freeport license extension and more share sales to be completed next year | INITIATED
Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia hinted that the government plans to grant the Extension of Special Mining Activity (IUPK) to PT Freeport Indonesia and acquire the share of additional sale of 10% of the mining company early next year.
Insha Allah [God Willing]the objective of obtaining 10 percent additional shares and granting the extension of the permit can be achieved next year. It depends on the results of Freeports' communication with us, Bahlil said, Thursday, October 31, 2024.
It said it was currently awaiting the results of final negotiations with Freeport after a delay due to a minor fire at its factory.
Once their team has sorted out the incident, we will start talking again, he said.
Then, President Joko Widodo signed a government regulation that will allow PT Freeport Indonesia to apply for an extension of its Special Mining Permit (IUPK) after 2041. In exchange for the extension,
Freeport MacMoran will give 10 percent of its share to the Indonesian government.
The government issued Government Regulation No. 25/2024 in May 2024, which is a revision of Government Regulation No. 96/2021 on the implementation of mineral and coal mining activities.
The revised regulations include sections 195A and 195B to complement the previous regulations. This opens the possibility for Freeport to request a license extension no later than one year before the end of the period of production operating activities.
Bahlil said the extension of the permit would be beneficial for Indonesia because currently 50 percent of the company's shares are already owned by the Indonesian government. The remaining shares are owned by Freeport McMoran.
PTFI signed the Contract of Work (CoW) in 1976 for 30 years and should have ended in 1997. Before the contract expired, PTFI discovered a larger gold reserve at the Grasberg mine. The company then submitted a second contract extension in 1991. The second contract included a clause to transfer 51 percent of the company's shares to the Indonesian government.
After lengthy negotiations, in 2018, Freeport-McMoRan announced that it had sold its stake in PTFI so that Indonesia could hold 51% of the company's shares. In exchange, the CoW was replaced by a Special Mining License (IUPK) with mining rights until 2041 and Freeport will build a new smelter.
Visit of the American president
Bahlil said that as technical minister for energy and mineral resources, he was tasked with providing data on energy and mining issues to the president during his upcoming international trips in early November, including to the United States .
However, he added, he did not know whether or not the president would discuss the Freeport issue with the U.S. government.
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