Two Companies in One Gold Mine

The existence of other companies complicated the negotiation of Freeport's extension contract. Potential to inhibit divestment.

The harsh efforts of the government to take a majority stake in PT Freeport Indonesia spread to WhatsApp Banker Grasberg group. As the name implies, the group members are mostly bankers and financiers. Two of them are President Director of Danareksa Sekuritas Jenpino Ngabdi and Finance Director of PT Bukit Asam (Persero) Tbk (PTBA) Orias Petrus Moedak.

"We are usually invited to discuss how a good divestment scheme," said Orias.

In the last few weeks, the conversation in the group has warmed up. One member of the group said the bankers' discussion was excited after Finance Minister Sri Mulyani Indrawati called the Chief Executive Officer of Freeport-McMoRan Inc. (FCX) Richard Adkerson on Sunday early September.

In a two-day meeting after Idul Adha, Sri Mulyani clarified the existence of a copper mining company the world's largest, Rio Tinto, which established a joint operation with Freeport in the Grasberg underground excavation, Papua.

"Richard, I hold your words. Rio Tinto is your business, "Sri Mulyani told Freeport-McMoRan CEO Richard Adkerson, as an official at the meeting said.

At a press conference at the office of the Ministry of Energy and Mineral Resources, four days earlier, Adkerson said, in cooperation with Rio Tinto, Freeport representing all negotiations with the Indonesian government.

Sri Mulyani invited Minister of State-Owned Enterprises Rini Soemarno in the meeting. A number of Treasury officials, such as Secretary General of the Ministry of Finance Hadiyanto and Head of Fiscal Policy Suahasil Nazara, were also present there. Asked for confirmation about the contents of the meeting, Suahasil refused to comment.

"I'm abroad," said Suahasil through message WhatsApp ,. "About Freeport, we are waiting for the next announcement."

Since negotiations with Freeport in February, the government continues to examine the legal and financial implications of the Freeport contract extension. Especially concerning the whereabouts of Rio Tinto, which has been working with Freeport in the Grasberg mine, Papua since 1996. The second congress began when Freeport discovered larger gold reserves underground. But Freeport does not have enough money to explore its own findings.

Rio Tinto comes with money. On October 11, 1996, both agreed to sign a cooperation agreement. Entitled "Participating Agreement", Rio Tinto is committed to invest 40 percent (participating interest) of PT Freeport Indonesia underground mining exploration investment cost. Effects of the joint operation, Freeport must obtain written approval from Rio Tinto in any negotiations with the Indonesian government, as contained in article 7.2.8 of the approval document.

Rio Tinto began to doubt when the Freeport contract renewal process warmed up. In early June, Rio Tinto sent Arnaud Soirat, Copper and Diamond Business Head of Rio Tinto, met Minister of SOEs Rini Soemarno to inquire about their continued fate in the Grasber mine. He also came to the office of the Ministry of Finance.

BUMN Deputy for Strategic Industries and Media Mine Harry Sampurno confirmed the visit of Arnaud. According to Fajar, Arnaud's arrival to clarify the government's plan to take a majority stake in Freeport.

"They think, if the Indonesian government takes 51 percent, they can not manage," Fajar said in mid-August. Dawn was also present at a meeting attended by Sri Mulyani, Rini Soemarno and Richard Adkerson two days after Eid al-Adha.

An official assigned to review the Freeport share divestment scheme said the participatinginterest of Rio Tinto could be converted into shares. That is, the government has the potential to take shares from two companies, namely Freeport and Rio Tinto, for the portion of ownership reached S1 percent. This point is what makes the government dizzy.

Currently the new government holds 9.36 percent stake in PT Freeport Indonesia. Freeport-McMoRan controlled the rest, 90.64 percent. The plan, the government will take 41 percent stake in Iagi to be able to control 51 percent of shares in order to become the majority shareholder.

Minister of Energy and Mineral Resources Ignatius Jonan was to Surabaya when Sri Mulyani and Rini Soemarno met with Richard Adkerson. Jonan said Rio Tinto only gets a profit share of 40 percent in participating interest in the Grasberg mine.

The participatinginterest agreement will expire in 2021. After that, if the Freeport contract is extended, Rio Tinto will

convert it to stock.

"But we know the government is dealing with Freeport-McMoRan only," Jonan said in his office, the first week of September.

Jonan guarantees 41 percent of the shares the government will take from 90.64 percent of Freeport-McMoRan's stake in Freeport Indonesia. The divestment has nothing to do with 40 percent of Rio Tinto's participating interest. But, Underground underground mine PT Freeport Indonesia in Mimika, Timika, Papua, 2015. Rio Tinto did not have to go after the government took control of 51 Freeport shares.

"Just share it with Free-port-McMoRan," Jonan said.

The existence of Rio Tinto in Freeport could shake the government's initial strategy in divestment. The Ministry of State-Owned Enterprises has previously prepared PT Indonesia Asahan Alumunium (Persero) or Inalum as commander of 41 percent Freeport shares. Inalum will partner with the Social Security Administering Agency (BPJS) of Manpower and the Provincial Government of Papua and Mimika Regency Government in the consortium.

To smooth this plan, Rini Soemarno invited the Director of BPJS Manpower Agus Santoso in mid-August. Lately, there has been little change, when BPJS will only take a 20 percent stake. Inalum will take a portion of 60 percent and the remainder remain local government.

The funding scheme for the consortium has also been met. Inalum and BPJS Employment will bear 80 percent

funding. The rest comes from the State Insurance Association loan. With this scheme, the Provincial Government of Papua and the Mimika Regency Government need not reach into the pockets to get 20 percent of the shares.

"During the meeting with Mrs. Rini, Mrs. Ani (Finance Minister Sri Mulyani) said that the scheme is good," said Harry Sampurno, last August.The local government will repay the loan with a partially detained dividend.

An official familiar with the divestment plan said Sri Mulyani feared the strategy would be messy with Rio Tinto's presence at the Grasberg mine. Therefore, the mining company based in London and Melbourne has begun to offer 40 percent of their participating interest to a number of national private entrepreneurs.

"It's just not worth the price," the official said.

Article 15.3 of the Freeport-Rio Tinto agreement states that either party may sell part or all of their participating interests. However, the first offer must be given to the partners in the agreement. That is, Rio Tinto must offer the offer to Freeport. If there is no agreement, new participants can sell it to third parties within 180 days. If within 180 days there is no agreement, the next participant can no longer sell Participating Interest.

Contacted by WhatsApp message, Rio Tinto Copper and Diamonds Chief Development Officer Craig Kinnell is reluctant to answer questions related to Rio Tinto and Freeport operations and their offer of participating interests to Indonesian entrepreneurs.

Kinnel suggested the question addressed to Rio Tinto Asia Vice President of Corporate Relations, Brad Haynes, via e-mail. The same question was sent to Haynes, but up to a week Rio Tinto has not provided an answer. Meanwhile, Freeport Indonesia spokesman Riza Pratama declined to comment.

"The process of discussions with the government has not been completed."

In addition to clarifying the existence of Rio Tinto, at a meeting two days after Hari Raya Haji, Sri Mulyani stressed the government's attitude to Richard Adkerson: the divestment must be completed by 2018.

This means that three years before the Freeport work contract expires. Sri Mulyani's target is in line with the view of energy observers from Gadjah Mada University, Fahmy Radhi.

"The government should immediately decide the divestment mechanism," he said.

IN INDONESIA

DUA PERUSAHAAN DI SATU TAMBANG

Keberadaan perusahaan lain membuat rumit negosiasi kontrak perpanjangan Freeport. Berpotensi menghambat divestasi.

Kerasnya upaya pemerintah mengambil saham mayoritas PT Freeport Indonesia menjalar hingga grup WhatsApp Bankir Grasberg. Sesuai dengan namanya, anggota grup itu kebanyakan bankir dan orang keuangan. Dua di antaranya Presiden Direktur Danareksa Sekuritas Jenpino Ngabdi dan Direktur Keuangan PT Bukit Asam (Persero) Tbk (PTBA) Orias Petrus Moedak.

”Kami biasa diajak diskusi bagaimana skema divestasi yang bagus,” kata Orias.

Dalam beberapa pekan terakhir, percakapan di grup itu menghangat. Salah satu anggota grup mengatakan diskusi para bankir heboh setelah Menteri Keuangan Sri Mulyani Indrawati memanggil Chief Executive Officer Freeport-McMoRan Inc (FCX) Richard Adkerson pada Ahad awal September lalu. 

Dalam pertemuan dua hari setelah Idul Adha itu, Sri Mulyani mengklarifikasi ulang keberadaan perusahaan tambang tembaga terbesar di dunia, Rio Tinto, yang menjalin joint operation dengan Freeport di galian bawah tanah Grasberg, Papua.

”Richard, saya memegang kata-katamu. Rio Tinto adalah urusanmu,” ujar Sri Mulyani kepada CEO Freeport-McMoRan Richard Adkerson, seperti ditirukan seorang pejabat yang ikut dalam pertemuan itu.

Pada konferensi pers di kantor Kementerian Energi dan Sumber Daya Mineral, empat hari sebelumnya, Adkerson mengatakan, dalam kerja sama dengan Rio Tinto, Freeport yang mewakili semua negosiasi dengan pemerintah Indonesia.

Sri Mulyani mengajak Menteri Badan Usaha Milik Negara Rini Soemarno dalam pertemuan itu. Sejumlah pejabat Kementerian Keuangan, seperti Sekretaris Jenderal Kementerian Keuangan Hadiyanto dan Kepala Kebijakan Fiskal Suahasil Nazara, juga hadir di sana. Dimintai kontirmasi mengenai isi pertemuan tersebut, Suahasil menolak berkomentar. 

”Saya sedang di luar negeri,” kata Suahasil melalui pesan WhatsApp,. ”Soal Freeport, kita menunggu pengumuman berikutnya.”

Sejak negosiasi dengan Freeport pada Februari lalu, pemerintah terus menelisik implikasi hukum dan finansial dalam perpanjangan kontrak Freeport. Terutama mengenai keberadaan Rio Tinto, yang berkongsi dengan Freeport di tambang Grasberg, Papua, sejak 1996. Kongsi keduanya bermula ketika Freeport menemukan cadangan emas yang lebih besar di bawah tanah. Tapi Freeport tidak punya cukup uang untuk mengeksplorasi sendiri temuannya.

Rio Tinto datang membawa uang. Pada 11 Oktober 1996, keduanya sepakat meneken perjanjian kerja sama. Berjudul ”Kesepakatan Partisipasi” (”Participating Agreement”), Rio Tinto berkomitmen menanamkan modal sebesar 40 persen (participating interest) dari biaya investasi eksplorasi tambang bawah tanah PT Freeport Indonesia. Efek dari kerja sama operasi itu, Freeport mesti mendapat persetujuan tertulis dari Rio Tinto dalam setiap perundingan dengan pemerintah Indonesia, seperti yang ada dalam pasal 7.2.8 dokumen persetujuan.

Rio Tinto mulai ragu ketika proses perpanjangan kontrak Freeport menghangat. Pada awal Juni lalu, Rio Tinto mengutus Arnaud Soirat, Kepala Bisnis Tembaga dan Berlian Rio Tinto, menemui Menteri BUMN Rini Soemarno untuk menanyakan kelanjutan nasib mereka di tambang Grasber. Dia juga datang ke kantor Kementerian Keuangan.

Deputi BUMN Bidang Pertambangan Industri Strategis dan Media Fajar Harry Sampurno membenarkan kunjungan Arnaud. Menurut Fajar, kedatangan Arnaud untuk mengklariflkasi rencana pemerintah mengambil saham mayoritas Freeport. 

”Mereka berpikir, kalau pemerintah Indonesia mengambil 51 persen, mereka tidak bisa mengelola,” ucap Fajar pada pertengahan Agustus lalu. Fajar juga hadir dalam pertemuan yang dihadiri Sri Mulyani, Rini Soemarno, dan Richard Adkerson dua hari setelah Hari Raya Idul Adha.

Seorang pejabat yang ditugasi menelaah skema divestasi saham Freeport menyatakan participatinginterest Rio Tinto tersebut bisa dikonversi menjadi saham. Artinya, pemerintah berpotensi mengambil saham dari dua perusahaan, yaitu Freeport dan Rio Tinto, agar porsi kepemilikannya mencapai S1 persen. Poin inilah yang membuat pemerintah pusing.

Saat ini pemerintah baru menggenggam 9,36 persen saham di PT Freeport Indonesia. Freeport-McMoRan menguasai sisanya, 90,64 persen. Rencananya, pemerintah akan mengambil 41 persen saham Iagi agar mampu menguasai 51 persen saham supaya menjadi pemegang saham mayoritas.

Menteri Energi dan Sumber Daya Mineral Ignasius Jonan sedang ke Surabaya ketika Sri Mulyani dan Rini Soemarno bertemu dengan Richard Adkerson. Jonan mengatakan Rio Tinto hanya mendapat bagi hasil dari 40 persen dalam participating interest di tambang Grasberg. 

Perjanjian participatinginterest itu pun akan berakhir pada 2021. Setelah itu, bila kontrak Freeport diperpanjang, Rio Tinto akan mengkonversinya dengan saham. 

”Tapi kami tahunya pemerintah berurusan dengan Freeport-McMoRan saja,” ujar Jonan di ruang kerjanya, pekan pertama September berlalu.

Jonan menjamin 41 persen saham yang akan diambil pemerintah berasal dari 90,64 persen saham Freeport-McMoRan di Freeport Indonesia. Divestasi tidak ada hubungannya dengan 40 persen participating interest Rio Tinto. Tapi, Tambang bawah tanah milik PT Freeport Indonesia di Mimika, Timika, Papua, 2015. Rio Tinto tidak harus pergi setelah pemerintah berhasil menguasai 51 saham Freeport. 

”Bagi-bagi saja sendiri dengan Free-port-McMoRan,” ujar Jonan.

Keberadaan Rio Tinto di Freeport sempat menggoyahkan strategi awal pemerintah dalam divestasi. Kementerian BUMN sebelumnya telah menyiapkan PT Indonesia Asahan Alumunium (Persero) atau Inalum sebagai komandan pengambil 41 persen saham Freeport. Inalum akan menggandeng Badan Penyelenggara Jaminan Sosial (BPJS) Ketenagakerjaan serta Pemerintah Provinsi Papua dan Pemerintah Kabupaten Mimika dalam konsorsium itu. Pembagiannya, Inalum menguasai 55 persen saham konsorsium, BPJS Ketenagakerjaan 25 persen, dan sisanya pemerintah daerah.

Untuk memuluskan rencana ini, Rini Soemarno mengundang Direktur Utama BPJS Ketenagakerjaan Agus Santoso pada pertengahan Agustus lalu. Belakangan, terjadi sedikit perubahan, ketika BPJS hanya akan mengambil 20 persen saham. Inalum akan mengambil porsi 60 persen dan sisanya tetap pemerintah daerah.

Skema pendanaan untuk konsorsium ini juga sudah ketemu. Inalum dan BPJS Ketenagakerjaan akan menanggung 80 persen pendanaan. Sisanya berasal dari pinjaman Asosiasi Asuransi Negara. Dengan skema ini, Pemerintah Provinsi Papua dan Pemerintah Kabupaten Mimika tidak perlu merogoh kantong untuk mendapat 20 persen saham. 

”Saat rapat dengan Bu Rini, Bu Ani (Menteri Keuangan Sri Mulyani) bilang skema itu sudah bagus," ucap Fajar Harry Sampurno, Agustus lalu. Pemerintah daerah nantinya akan mencicil pinjaman itu dengan dividen yang ditahan sebagian.

Seorang pejabat yang tahu tentang rencana divestasi mengatakan Sri Mulyani khawatir strategi itu bakal berantakan dengan keberadaan Rio Tinto di tambang Grasberg. Sebab, perusahaan tambang yang berbasis di London dan Melbourne itu sudah mulai menawarkan 40 persen participating interest mereka kepada sejumlah pengusaha swasta nasional. 

”Hanya saja belum cocok harganya,” kata pejabat tersebut.

Pasal 15.3 dalam persetujuan Freeport-Rio Tinto menyebutkan salah satu pihak bisa menjual sebagian atau seluruh participating interest mereka. Namun penawaran pertama harus diberikan kepada rekan dalam perjanjian. Artinya, Rio Tinto mesti menyodorkan tawaran tersebut kepada Freeport. Jika tidak ada kesepakatan, partisipan baru bisa menjualnya kepada pihak ketiga dalam jangka 180 hari. Bila dalam 180 hari tidak ada kesepakatan, partisipan selanjutnya tidak bisa lagi menjual Participating Interest.

Dihubungi lewat pesan WhatsApp, Chief Development Officer Rio Tinto Copper and Diamonds Craig Kinnell enggan menjawab sejumlah pertanyaan terkait dengan kerja sama operasi Rio Tinto dan Freeport serta upaya mereka menawarkan participating interest kepada pengusaha Indonesia. 

Kinnel menyarankan pertanyaan ditujukan kepada Vice President of Corporate Relations untuk Rio Tinto Asia, Brad Haynes, melalui surat elektronik. Pertanyaan yang sama dikirim kepada Haynes, tapi hingga seminggu Rio Tinto belum memberikan jawaban. Sementara itu, juru bicara Freeport Indonesia, Riza Pratama, menolak berkomentar. 

”Proses pembahasan dengan pemerintah belum selesai.”

Selain mengklarifikasi keberadaan Rio Tinto, pada pertemuan dua hari setelah Hari Raya Haji itu, Sri Mulyani menegaskan sikap pemerintah kepada Richard Adkerson: divestasi harus rampung pada 2018.

Artinya tiga tahun sebelum kontrak karya Freeport berakhir. Target Sri Mulyani itu senada dengan pandangan pengamat energi dari Universitas Gadjah Mada, Fahmy Radhi. 

”Pemerintah sebaiknya segera memutuskan mekanisme divestasi,” ujarnya.

Tempo, Page-110-112, Wednesday, September 27, 2017

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