https://www.miningweekly.com

Indonesian President wants to wrap up talks over purchase of Freeport unit by end-April

Indonesian President wants to wrap up talks over purchase of Freeport unit by end-April

Photo by Reuters

5th March 2018

By: Reuters

  

Font size: - +

JAKARTA – Indonesia's President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan's local unit by the end of April, a Cabinet Minister said on Monday.

"According to the President, it should be wrapped up before the end of April, valuation and all," Energy Minister Ignasius Jonan told reporters.

The government, through a state-owned company, will buy the shares in PT Freeport Indonesia at "a reasonable price," including by acquiring Rio Tinto's participating interest in the massive Grasberg mine and converting it into shares, he said.

Freeport Indonesia and Rio Tinto were not immediately available to comment.

Freeport in January said it was edging closer to a permit deal with Indonesia for Grasberg, the world's second-biggest copper mine, but the miner cautioned it had not struck any formal agreements.

There has been little sign of progress since last August, when Freeport promised to divest a 51-percent stake in Grasberg to the Indonesian government in exchange for long-term operating rights. The government currently owns a less-than-10% stake in Freeport Indonesia.

A fair price for the shares has been a key sticking point in the negotiation.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.057 0.981s - 128pq - 2rq
Subscribe Now