Complexity of Freeport Divestment

     The PT Freeport Indonesia divestment (PTFD) divestment negotiation process is still difficult despite agreeing on the amount of shares to be released, but Freeport McMoran, PTFI's parent company, objected to the government's divestment and divestment scheme.

His talks with Freeport have been running for 8 months (10 February-10 October 2017). Until this news was revealed yet also resulted in the agreement of both parties. Finally, the ESDM Ministry extended the negotiation period for 3 months or until January 10, 2018.

Meanwhile, other points such as the construction of copper smelters, fiscal provisions (taxation and royalties), and the extension of operations are relatively agreed upon by both parties.

Actually, Freeport-McMoRan agreed with the amount of PT Freeport Indonesia's divestment of at least 51% which the Indonesian government requested. However, Freeport does not agree with the stock valuation scheme and the term of the release of shares.

The Government of Indonesia requested that the valuation of Freeport Indonesia's shares be based on operating assumptions up to 2021 and does not take into account the reserves of livestock and gold. Meanwhile, Freeport wants stock valuations based on operations up to 2041.

In addition, the calculation of the value of shares also need to take into account the amount of available mining reserves. Difference the view that makes the stock divestment discussion deadlocked.

The divestment of these shares will also involve Freeport-McMoRan shareholders who will make the process negotiation is very long. Freeport also wants to ensure in the future who will be the operator, whether the company remains from the United States, although later not the majority shareholder (maximum only 49%). Moreover, Freeport Indonesia's copper and gold reserves are still high.

Silver reserves of about 2.2 billion US dollars, gold reserves of 36.0 billion US dollars, copper reserves 66.9 billion US dollars. The total reserves of Freeport Indonesia are around 105.6 billion US dollars.

Certainly Freeport as a business actor will struggle to account for such reserves in stock disposals. The giant mining company is also still performing brilliantly with profit in 2016 of 1.02 million US dollars, or about Rp 13.6 trillion.

Then how much total assets of PT Freeport Indonesia? Total assets of Freeport Indonesia in 2016 about 9.35 billion US dollars or Rp 124 trillion.

Valuation of Jonan Version

ESDM Minister Ignatius Jonan said, for the price issue, the calculation is simple if based on market capitalization of Freeport-McMoRan, the value of all shares of Freeport Indonesia's parent company currently reaches 20.74 billion US dollars.

According to him, in the last 10 years Freeport Indonesia's contribution to Freeport-McMoRan has been around 40%. Based on this, all the shares of Freeport Indonesia could be worth about 8 billion US dollars.

"If calculated so, 51% about 4 billion US dollars. Because the majority, then just ask how much premium, "he said.

Meanwhile, government shares in PTFI currently only reach 9.36%. This means that there are still 41.64% of shares that must be released to national parties. If it refers to the Jonan count, then 41.64% of PTFI's shares could be worth around Rp 44 trillion (1 US dollar =Rp 13.500.

In line with the extension of the Special Mining Permit (IUPK) of PT Freeport Indonesia, the export activities of concentrate the copper will continue. The reason, one of the requirements to be able to export minerals that have not been purified is the status of IUP / IUPK.

Meanwhile, the House of Representatives Commission VII reminded the government not to falter its position in the divestment obligations of PT FI. Member of House of Representatives Commission VII Tjatur Sapto Edy asserted that PTFI divestment shares valuation should refer to the period of its exhausted operation at 2021. In addition, the calculation should not include reserve values.

"As per its contract runs out 2021. Can not assume Freeport can extend until 2041," he said.

In line with Tjatur, another member of Commission VII, Kurtubi, explained before being mined, mineral deposits should not be included in the calculation of the value of the shares. According to him, if the reserves are calculated, then it could violate the law.

"The reserves are state-controlled. Before it rises to the surface or is mined, it remains state-owned, "he said.

Related to the divestment issue, the government has actually declared its position on September 28, 2017 or two weeks before the negotiation deadline. However, it was immediately rejected by Freeport-McMoRan on the same day by letter addressed to the Secretary General of the Ministry of Finance Hadiyanto.

As is known, the Freeport-McMoRan does not question the amount of shares that must be divested by its subsidiary, which is at least 51%. It's just that Freeport-MCMoRan does not agree with the way the calculation of the value of its subsidiary's shares.

Freeport-McMoRan CEO Richard C. Adkerson said it wanted its share price to be calculated based on fair market value with operating assumption up to 2041, according to the maximum operating period if it gets twice a 10-year extension period.

In a letter signed by Vice Chairman, President and CEO of Freeport-McMoran Inc. Richard D. Adkerson on September 28, Freeport asked the divestment process to be done through an initial public offering (IPO) on the stock exchange floor. According to him, this is in accordance with international standards. In addition, stock valuation is calculated in accordance with contract renewal up to 2041.

On the other hand, the government wants to make direct purchases of Freeport shares, either by the central, regional, state-owned, local-owned, or national-owned enterprises. Freeport's share price is calculated based on the operational calculation in accordance with the termination of the Second Contract of Work in 2021, not 2041 such as Freeport's understanding.

Freeport Indonesia is the largest gold producer of Freeport-McMoran Inc. Of the total 1.08 million ounces of Freeport gold sales in 2016, about 98 percent comes from mining activities in Grasberg, Papua.

      According to Jonan, the divestment process is an important factor in the continuity of Freeport's operations in Indonesia until 2041.

"The government will agree to a maximum extension of 2x10 years if the divestment begins, if not started, maybe the contract is over 2021," he said.

In addition to the divestment, Freeport also has to build a smelter and processing plant. Director General of Minerals and Coal (Minerba) Ministry of Energy and Mineral Resources Bambang Gatot Ariyono said Freeport has now spent 233 million US dollars of total investment required of 2.3 billion US dollars. Costs incurred are one of them for land acquisition.

"So this is the way," Gatot said.

There are also negotiations on taxation that are still regulated by the Ministry of Finance. Later in the IUPK, the Freeport tax rate will remain valid (naildown) until the contract expires.

"State revenue should be better," said Jonan.

Coordinating Minister for Marine Affairs Luhut Binsar Panjaitan said the government has submitted the valuation of PT Freeport Indonesia divestment shares to PT Bursa Efek Indonesia (BEI). This is done so that the market participates in calculating the value of the mining company's shares, so there is transparency in the process.

He has not been able to estimate how much the value of 51% stake valuation to be released by Freeport. Whether it can reach 8 billion US dollars or not.

"We do transparently and professionally (with BED," he said in his office, Jakarta, Monday (9/10).

Holding BUMN Ready to Buy

Meanwhile, the Ministry of State-Owned Enterprises (SOEs) is preparing to take over the shares of PT Freeport Indonesia divestment. Later 51% of Freeport's shares will be taken over by holding companies of BUMN mining, Papua Regional Government (Pemda) Papua, and Social Security Administration Agency (BPJS).

SOE Minister Rini Soemarno said state-owned mining companies, local governments of Papua and BPJS would acquire Freeport shares through a special purpose vehicle (SPV).

"Still on progress method of his divestation and valuation," said Rini.

Rini did not want to explain the details about the divestment through SPV scheme. What is clear is that they are able to absorb the 51% divestment of Freeport shares. Moreover, the asset position and cash flow of SOE mines are strong and large. Thus, the shares divestment scheme of the company will not be through an Initial Public Offering (IPO) in the Indonesia Stock Exchange

(BEI).

"We can. If not able, we say from the beginning, "said Rini.

Rini targets the divestment process to be completed by the end of 2018 and this share purchase is done simultaneously. It also replied to the letter of CEO of Freeport McMoran Cooper & Gold Inc. Richard Adkerson who rejected the government scheme. Moreover, the Ministry of SOEs is responsible for the divestment of shares.

Previously the Supreme Audit Agency (BPK) made a specific purpose inspection (DTT) against 10 inspection objects, among them the PT Freeport Indonesia (PTFI) work contract. From the findings of BPK, Freeport's work contract resulted in the loss of potential non-tax state revenue (PNBP) for the period of 2009-2015 worth 445.96 million US dollars or around Rp 6.05 trillion (assuming today's exchange rate = Rp 13,000).

The findings are part of Summary of Semester Examination Results (IHPS) I Year 2017 reported to the House of Representatives, Tuesday (3/10). This purposeful examination to assess PTFI's compliance with state revenues and compliance with environmental regulations.

In addition to testing whether the extension of PTFI's work contract and divestment shares has been run in accordance with the provisions of the legislation regulation. Regarding the loss of potential of PNBP is the result of checking of fixed contribution fee, royalty and additional royalty by PTFI using the tariff stated in the contract of work, the amount is lower and not adjusted to the current latest tariff.

Through Government Regulation No. 9/2012 on types and tariffs on the types of PNBP applicable to the Ministry of Energy and Mineral Resources, the government has determined the royalties for gold, silver and copper.

IN INDONESIA

Rumitnya Divestasi Freeport

Proses negosiasi pelepasan saham (divestasi) PT Freeport lndonesia (PTFD masih berlangsung sulit. Meski sudah menyepakati besaran saham yang akan dilepas, tapi Freeport McMoran, induk perusahaan PTFI, menyatakan keberatan atas tahapan dan skema divestasi yang diajukan pemerintah.

Perundingannya dengan Freeport sudah berjalan selama 8 bulan (10 Februari-10 Oktober 2017). Hingga berita ini diturunkan belum juga menghasilkan kesepakatan kedua belah pihak. Akhirnya, Kementerian ESDM memperpanjang lagi masa negosiasi selama 3 bulan atau sampai 10 Januari 2018.

Sementara itu, poin lainnya seperti pembangunan smelter tembaga, ketentuan fiskal (perpajakan dan royalti), dan perpanjangan operasi relatif disepakati kedua belah pihak.

Sebenarnya Freeport-McMoRan sepakat dengan besaran divestasi saham PT Freeport Indonesia minimal 51% yang diminta pemerintah Indonesia. Namun, Freeport tidak sepakat dengan skema valuasi saham dan jangka waktu pelepasan saham.

Pemerintah Indonesia meminta agar valuasi saham Freeport Indonesia berdasarkan asumsi operasi hingga 2021 dan tidak memperhitungkan cadangan ternbaga dan emas. Sementara itu, Freeport menginginkan valuasi saham berdasarkan operasi hingga 2041. 

Selain itu, penghitungan nilai saham juga perlu memperhitungkan jumlah cadangan tambang yang ada. Perbedaan pandangan itu yang membuat pembahasan divestasi saham menemui jalan buntu.

Divestasi saham ini juga tentunya akan melibatkan pemegang saham Freeport-McMoRan yang bakal membuat proses negosiasi sangat lama. Freeport juga ingin memastikan ke depan siapa yang akan menjadi operator, apakah tetap perusahaan asal AS tersebut kendati nantinya bukan pemegang saham mayoritas (maksimal hanya 49%). Apalagi, cadangan tembaga dan emas Freeport Indonesia masih cukup tinggi.

     Cadangan perak sekitar 2,2 miliar dollar AS, cadangan emas 36,0 miliar dollar AS, cadangan tembaga 66,9 miliar dollar AS. Total cadangan tambang Freeport Indonesia sekitar 105,6 miliar dollar AS.

     Tentu Freeport sebagai pelaku usaha akan berjuang untuk memperhitungkan cadangan itu dalam pelepasan saham. Perusahan tambang raksasa itu juga masih mencetak kinerja cemerlang dengan laba pada 2016 sebesar 1,02 juta dollar AS atau sekitar Rp 13,6 triliun.

     Lalu berapa total aset PT Freeport Indonesia? Total aset Freeport Indonesia pada 2016 sekitar 9,35 miliar dollar AS atau Rp 124 triliun.

Valuasi Versi Jonan

Menteri ESDM Ignasius Jonan mengatakan, untuk masalah harga, perhitungan sederhananya apabila berdasarkan kapitalisasi pasar Freeport-McMoRan, nilai seluruh saham induk usaha Freeport Indonesia itu saat ini mencapai 20,74 miliar dollar AS.

Menurutnya, dalam 10 tahun terakhir kontribusi Freeport Indonesia untuk Freeport-McMoRan sekitar 40%. Berdasarkan hal tersebut, seluruh saham Freeport Indonesia bisa bernilai sekitar 8 miliar dollar AS.

“Kalau dihitung begitu, 51% sekitar 4 miliar dollar AS. Karena mayoritas, nanti hanya minta premiumnya berapa,” ujarnya.

Adapun, saham pemerintah di PTFI saat ini hanya mencapai 9,36%. Artinya masih ada 41,64% saham yang harus dilepas kepada pihak nasional. Jika mengacu pada hitungan Jonan, maka 41,64% saham PTFI bisa bernilai sekitar Rp 44 triliun (1 dollar AS =

Rp13.500.

Sejalan dengan perpanjangan Izin Usaha Pertambangan Khusus (IUPK) PT Freeport Indonesia, maka kegiatan ekspor konsentrat tembaganya akan tetap berlanjut. Pasalnya, salah satu syarat untuk bisa mengekspor mineral yang belum dimurnikan adalah berstatus IUP/IUPK.

Sementara itu, Komisi VII DPR mengingatkan pemerintah agar tidak goyah terkait posisinya dalam kewajiban divestasi PT FI. Anggota Komisi VII DPR Tjatur Sapto Edy menegaskan, valuasi saham divestasi PTFI harus mengacu pada masa operasinya yang habis pada 2021. Selain itu, perhitungannya jangan sampai memasukan nilai cadangan.

“Sesuai kontraknya habis 2021. Tidak bisa berasumsi Freeport dapat perpanjangan sampai 2041,” ujarnya.

Senada dengan Tjatur, anggota Komisi VII lainnya, Kurtubi, menjelaskan sebelum ditambang, cadangan mineral tidak boleh dimasukan dalam penghitungan nilai saham. Menurutnya, jika cadangan dihitung, maka bisa melanggar undang-undang.

“Cadangan itu dikuasi negara. Sebelum itu naik ke permukaan atau ditambang, itu tetap milik negara,” tuturnya.

Terkait masalah divestasi, pemerintah sebenarnya telah menyatakan posisinya pada 28 September 2017 atau dua pekan sebelum tenggat waktu perundingan. Namun, hal tersebut langsung ditolak Freeport-McMoRan di hari yang sama melalui surat yang ditujukan kepada Sekretaris Jenderal Kementerian Keuangan Hadiyanto.

Seperti diketahui, pihak Freeport-McMoRan tidak mempermasalahkan besaran saham yang harus didivestasikan anak usahanya, yakni minimal 51%. Hanya saja Freeport-MCMoRan tidak setuju dengan cara penghitungan nilai saham anak usahanya tersebut. 

CEO Freeport-McMoRan Richard C. Adkerson menyatakan pihaknya ingin harga sahamnya dihitung berdasarkan nilai pasar yang wajar dengan asumsi operasi hingga 2041, sesuai jangka waktu operasi maksimal apabila mendapatkan dua kali masa perpanjangan 10 tahun.

Dalam surat yang ditandatangani Vice Chairman, President and CEO Freeport-McMoran Inc. Richard D. Adkerson pada 28 September lalu, Freeport meminta proses divestasi dilakukan melalui penawaran saham perdana (IPO) di lantai bursa. Menurutnya, ini sudah sesuai dengan standar yang berlaku internasional. Selain itu, valuasi saham dihitung sesuai dengan perpanjangan kontrak hingga 2041.

Di sisi lain, pemerintah menginginkan untuk melakukan pembelian langsung saham Freeport, baik oleh pemerintah pusat, daerah, BUMN, BUMD, atau swasta nasional. Harga saham Freeport dihitung berdasarkan perhitungan operasional sesuai dengan masa berakhirnya Kontrak Karya Kedua pada 2021, bukan 2041 seperti pemahaman Freeport.

Freeport Indonesia merupakan penghasil emas terbesar Freeport-McMoran Inc. Dari total 1,08 juta ounce penjualan emas Freeport pada 2016, sekitar 98 persen berasal dari aktivitas penambangan di Grasberg, Papua.

Menurut Jonan, proses divestasi ini faktor penting keberlanjutan operasi Freeport di Indonesia hingga 2041.

“Pemerintah akan setuju perpanjangan maksimal 2x10 tahun kalau divestasinya dimulai, kalau tidak dimulai, mungkin kontraknya selesai 2021, ” kata dia.

Selain divestasi, Freeport juga harus membangun pabrik pengolahan dan pemurnian (smelter). Direktur Jenderal Mineral dan Batu Bara (Minerba) Kementerian ESDM Bambang Gatot Ariyono mengatakan saat ini Freeport sudah menghabiskan 233 juta dollar AS dari total investasi yang dibutuhkan sebesar 2,3 miliar dollar AS. Biaya yang telah dikeluarkan tersebut salah satunya untuk pembebasan lahan. 

“jadi ini sudah jalan,” kata Gatot.

Ada juga perundingan mengenai perpajakan yang masih diatur oleh Kementerian Keuangan. Nantinya di dalam IUPK, tarif pajak Freeport akan berlaku tetap (naildown) hingga kontraknya berakhir. 

“Penerimaan negara harus lebih baik,” kata Jonan.

Menteri Koordinator Bidang Kemaritiman Luhut Binsar Panjaitan mengatakan, pemerintah sudah menyerahkan perhitungan valuasi saham divestasi PT Freeport Indonesia kepada PT Bursa Efek Indonesia (BEI). Hal ini dilakukan agar pasar ikut menghitung nilai saham perusahaan tambang tersebut, sehingga ada transparansi dalam prosesnya.

Ia belum bisa memperkirakan berapa besaran nilai valuasi 51% saham yang akan dilepas oleh Freeport. Apakah bisa mencapai 8 miliar dollar AS atau tidak. 

“Kami lakukan secara transparan dan profesional (dengan BED,” ujarnya di kantornya, Jakarta, Senin (9/10).

Holding BUMN Siap Beli

Sementara itu, Kementerian Badan Usaha Milik Negara (BUMN) sedang menyiapkan pengambilalihan saham divestasi PT Freeport Indonesia. Nantinya 51% saham Freeport akan diambil alih oleh perusahaan induk (holding) BUMN pertambangan, Pemerintah Daerah (Pemda) Papua, dan Badan Penyelenggaraan Jaminan Sosial (BPJS). 

Menteri BUMN Rini Soemarno mengatakan, holding BUMN pertambangan, Pemerintah Daerah Papua, dan BPJS akan mengambil saham Freeport melalui Entitas Bertujuan Khusus (special purpose vehicle/SPV).

“Masih on progress metode divestasinya maupun valuation-nya,” ujar Rini.

Rini memang belum mau menjelaskan detail mengenai divestasi melalui skema SPV tersebut. Yang jelas, mereka mampu menyerap divestasi 51% saham Freeport. Apalagi posisi aset dan arus kas BUMN tambang sudah kuat dan besar. Jadi, skema divestasi saham perusahaan tersebut tidak akan melalui penawaran saham perdana (Initial public offering/IPO) di Bursa Efek Indonesia

(BEI). 

“Kami mampu. Kalau tidak mampu, kami katakan sejak awal,” ujar Rini.

Rini menargetkan, proses divestasi selesai di akhir tahun 2018 dan pembelian saham ini dilakukan sekaligus, tidak bertahap. Ini sekaligus menjawab surat CEO Freeport McMoran Cooper & Gold Inc Richard Adkerson yang menolak skema pemerintah. Apalagi Kementerian BUMN menjadi penanggung jawab mengenai divestasi saham.

Sebelumnya Badan Pemeriksa Keuangan (BPK) membuat pemeriksaan dengan tujuan tertentu (DTT) terhadap 10 objek pemeriksaan, di antaranya atas kontrak karya PT Freeport Indonesia (PTFI). Dari hasil temuan BPK, kontrak karya Freeport menyebabkan hilangnya potensi Penerimaan Negara Bukan Pajak (PNBP) periode 2009-2015 senilai 445,96 juta dollar AS atau sekitar Rp 6,05 triliun (asumsi Kurs hari ini= Rp. 13.000).

Temuan ini bagian dari Ikhtisar Hasil Pemeriksaan Semester (IHPS) I Tahun 2017 yang dilaporkan ke Dewan Perwakilan Rakyat, Selasa (3/10). Pemeriksaan dengan tujuan tertentu ini untuk menilai kepatuhan PTFI dalam hal penerimaan negara dan kepatuhan terhadap peraturan terkait dengan lingkungan hidup.

Selain itu menguji apakah perpanjangan kontrak karya dan divestasi saham PTFI telah berjalan sesuai dengan ketentuan perauran perundang-undangan. Mengenai hilangnya potensi PNBP merupakan hasil pemeriksaan atas pembayaran iuran tetap, royalti dan royalti tambahan oleh PTFI menggunakan tarif yang tercantum dalam kontrak karya, yang besarannya lebih rendah serta tidak disesuaikan dengan tarif terbaru yang berlaku saat ini.

Adapun lewat Peraturan Pemerintah Nomor 9 Tahun 2012 tentang jenis dan tarif atas jenis PNBP yang berlaku pada Kementerian ESDM, pemerintah sudah menetapkan besaran royalti untuk emas, perak dan tembaga.

Global Energy, Page-45-47, Monday, October 21, 2017

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