difficult affairs of Freeport shares
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The government needs to concentrate on taking over 51 percent of Freeport shares. Rio Tinto Freeport-McMoRan affair
The Indonesian government does not have to worry about Rio Tinto, Freeport-McMoRan's partner in the Grasberg mine, Papua. In the process of divesting shares of Freeport Indonesia, the government only needs to negotiate with Freeport-McMoRan Inc., as the majority shareholder of copper, gold and silver mining companies.
Divestment must be done as soon as possible because the more delayed, the greater the cost of acquisition of shares to be paid. For a long time, the government wants Freeport Indonesia divestment, but it is always delayed. Under Article 24 of the 1991 Contract of Work, the Freeport divestment which ended in 51 percent shareholding by the Indonesian government should be completed in 2011.
For the first 10 years, Freeport is required to divest 9.36 percent of the shares and this has been done. Ten years later, Freeport should have released more shares, so that government ownership becomes the majority. In fact, the plan was delayed during the era of President Abdurrahman Wahid, Megawati Soekarnoputri, and Susilo Bambang Yudhoyono. President Yudhoyono instead issued Government Regulation Number 77 of 2014 which loosened the divestment rules.
Earlier, in an amendment to the contract of work contained in a memorandum of understanding on July 25, 2014, Freeport is only required to divest 30 percent of shares in five years from 2014.
Now President Joko Widodo is working to finalize the divestment plan, but negotiations are still going on. In the midst of negotiations, there was a sudden renewed concern that the world's second largest mining company, Rio Tinto, intervened in the Indonesia-Freeport negotiations.
Rio Tinto is Freeport's partner in mining Grasberg. The Australian company deposited a 40 percent participating interest in the operation of Grasberg. The anxiety came after a senior Rio Tinto met with a number of high-ranking government officials, including Minister for State-Owned Enterprises Rini Soemarno.
The worry is excessive because the arrival of Rio Tinto officials should not be related to the divestment of Freeport Indonesia shares. In order not to cause suspicion, the government needs to explain to the public. Rio Tinto only questioned Freeport Indonesia's operational continuity.
You see, Rio Tinto invest considerable funds. In 2016, the company invested US $ 174 million (approximately Rp 2.3 tri-
liun) and a loss of US $ 64 million (approximately Rp 851 billion). The previous year, Rio Tinto also lost at Grasberg. Now even the company is obviously a big loss because Grasberg back and forth to stop operating.
Rio Tinto can actually be ignored in the matter of negotiations over divestment. The government only needs to deal with Freeport-McMoRan. The operation of Grasberg agreement between Freeport and Rio Tinto will be settled by Freeport. But Rio Tinto's position is quite important in the investment and sustainability of Grasberg mine operations, both in the present when it is still controlled by Freeport and when Indonesia becomes the majority shareholder. Her voice should be heard.
The government has to push harder for Freeport-McMoRan because Indonesia has been harmed for dozens of years due to continue delays in divestment. Achieving a preliminary agreement on the 51 percent divestment of shares is clearly a progress, but a messenger the government must be smarter in responding to the various issues negotiated. Decades of experience so far show us not being good enough to negotiate with Freeport-McMoRan.
IN INDONESIA
URUSAN SULIT SAHAM FREPORT
Pemerintah perlu berkonsentrasi mengambil alih 51 persen saham Freeport. Rio Tinto urusan Freeport-McMoRan
Pemerintah Indonesia tidak usah cemas terhadap Rio Tinto, mitra Freeport-McMoRan dalam pengelolaan tambang Grasberg, Papua. Dalam proses divestasi saham Freeport Indonesia, pemerintah hanya perlu berunding dengan Freeport-McMoRan Inc, sebagai pemegang saham mayoritas perusahaan tambang tembaga, emas, dan perak itu.
Divestasi harus dilakukan secepatnya karena semakin ditunda, semakin besar biaya akuisisi saham yang harus dibayar. Sudah lama pemerintah menginginkan divestasi Freeport Indonesia, tapi selalu tertunda. Berdasarkan Pasal 24 Kontrak Karya 1991, divestasi Freeport yang berakhir pada penguasaan 51 persen saham oleh pemerintah Indonesia semestinya selesai pada 2011.
Selama 10 tahun pertama, Freeport wajib mendivestasikan 9,36 persen saham dan hal ini sudah dilakukan. Sepuluh tahun berikutnya, Freeport seharusnya telah melepas saham lagi, sehingga kepemilikan saham pemerintah menjadi mayoritas. Nyatanya, rencana itu tertunda pada era Presiden Abdurrahman Wahid, Megawati Soekarnoputri, dan Susilo Bambang Yudhoyono. Presiden Yudhoyono malah mengeluarkan Peraturan Pemerintah Nomor 77 Tahun 2014 yang melonggarkan aturan divestasi.
Sebelumnya, dalam kesepakatan amendemen kontrak karya yang tertuang dalam nota kesepahaman pada 25 Juli 2014, Freeport hanya wajib mendivestasikan 30 persen saham dalam lima tahun sejak 2014.
Kini Presiden Joko Widodo berupaya menuntaskan rencana divestasi, tapi perundingan masih berjalan sulit. Di tengah negosiasi, tiba-tiba muncul kekhawatiran baru bahwa perusahaan tambang terbesar kedua di dunia, Rio Tinto, ikut campur tangan dalam perundingan Indonesia-Freeport.
Rio Tinto merupakan mitra Freeport dalam menambang Grasberg. Perusahaan asal Australia itu menyetor 40 persen participating interest dalam pengoperasian Grasberg. Kecemasan itu muncul setelah seorang petinggi Rio Tinto bertemu dengan sejumlah pejabat tinggi pemerintah, termasuk Menteri Badan Usaha Milik Negara Rini Soemarno.
Rasa khawatir itu berlebihan karena kedatangan petinggi Rio Tinto semestinya tidak terkait dengan besaran divestasi saham Freeport Indonesia. Agar tidak menimbulkan curiga, pemerintah perlu menjelaskan kepada publik. Rio Tinto hanya mempertanyakan kelangsungan operasional Freeport Indonesia.
Soalnya, Rio Tinto menginvestasikan dana yang cukup besar. Pada 2016, perusahaan ini menanamkan US$ 174 juta (sekitar Rp 2,3 tri-
liun) dan rugi US$ 64 juta (sekitar Rp 851 miliar). Tahun sebelumnya, Rio Tinto juga rugi di Grasberg. Kini pun perusahaan itu jelas rugi besar karena Grasberg bolak-balik berhenti beroperasi.
Rio Tinto sebetulnya bisa diabaikan dalam urusan negosiasi soal divestasi. Pemerintah hanya perlu berurusan dengan Freeport-McMoRan. Urusan perjanjian pengoperasian Grasberg antara Freeport dan Rio Tinto biarlah diselesaikan Freeport. Namun posisi Rio Tinto cukup penting dalam urusan investasi dan keberlanjutan operasional tambang Grasberg, baik di masa sekarang ketika masih dikuasai Freeport maupun saat Indonesia menjadi pemegang mayoritas saham. Suaranya patut didengar.
Pemerintah harus lebih keras menekan Freeport-McMoRan karena Indonesia sudah dirugikan selama belasan tahun akibat terus tertundanya divestasi. Tercapainya kesepakatan awal mengenai divestasi 51 persen saham jelas merupakan kemajuan, tapi utusan pemerintah harus lebih cerdas menanggapi berbagai persoalan yang dinegosiasikan. Pengalaman puluhan tahun selama ini menunjukkan kita tidak cukup piawai bernegosiasi dengan Freeport-McMoRan.
Tempo, Page-27, Wednesday, September 27, 2017
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