Rio Tinto Could Be a Freport Block
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Cooperation between Freeport-McMoRan Inc. and Rio Tinto associated with mining operations in Indonesia is considered to be a liability for companies from the United States to immediately agree on all the details in the process
shares divestment of its subsidiary, PT Freeport Indonesia (PTFI).
In a joint venture (JV) signed in 1995, Rio Tinto is working with Freeport-McMoRan and managing the Grasberg Mine in Papua. After 2021, Rio Tinto owns a 40% share of all production.
There are five things that exist in the cooperation, namely operations, technical, exploration, mine development, and railing management.
Deputy for Mining Business, Strategic Industries, and Media Ministry of State Enterprises Fajar Harry Sampurno said the PTFI shares divestment process is still being discussed by involving the Ministry of SOEs, Ministry of Energy and Mineral Resources, and Ministry of Finance. One is technical about the JV between Freeport-McMoRan and Rio Tinto.
Rio Tinto Australia
The government's stake in PTFI currently only reaches 9.36%. That is, with the divestment obligation up to 51%, there are still 41.64% shares to be released to national parties.
"There are things that are very technical because there is Rio Tinto in it turned out. Rio, Tinto has an agreement with Freeport on funding and then split the profits. It's technical and detailed, and is currently under discussion
with Freeport, "he said at the office of the Ministry of SOEs, Friday (24/11).
He explained that between Freeport-McMoRan and Australian mining company there is a JV with a portion of 60:40. With the divestment of shares up to 51%, the fate of 40% of Rio Tinto's allocation has not been determined.
According to Fajar, there is no decision whether 40% of Rio Tinto's allocation will be converted into shares or not.
"Clearly this has not yet reached the level of operations. Aninya, still the government with Freeport-McMoRan for details, "he said.
Although there is a JV related to PTFI's operations, it confirmed the divestment obligation up to 51% is certain and must be implemented. The technical release of shares and the time period is still being negotiated.
Vice Chairman of Commission VII of the House of Representatives, Satya W. Yudha, said that the government does not need to intervene in the stage of divestment of shares between PT Freeport Indonesia and Rio Tinto. This is because the government has not completed the divestment of shares with Freeport.
"Freeport's problem with Rio Tinto is a Freeport affair. The government can not yet mix it, "he said, Friday (24/11).
Previously, Freeport-McMoRan CEO Richard C. Adkerson said after the divestment, it only has 49% stake in PTFI. Related to this, Rio Tinto is deemed to face the same consequences as Freeport-McMoRan in the divestment process.
That is, JV 60:40 will be calculated based on 49% of shares owned by Freeport-McMoRan. If it continues after 2021, Rio Tinto's share of PTFI's production will be 19.6% and Freeport-McMoRan of 29.4%.
However, Adkerson said, it is still being discussed. It still needs approval from Rio Tinto.
"Freeport needs the Rio Tinto agreement and in my view we will get it," he said.
IN INDONESIA
Rio Tinto Bisa Jadi Ganjalan Freport
Kerja sama antara Freeport-McMoRan Inc. dan Rio Tinto terkait dengan operasi pertambangan di Indonesia dinilai bisa menjadi ganjalan bagi perusahaan asal Amerika Serikat tersebut untuk segera menyepakati seluruh detail dalam proses divestasi saham anak usahanya, PT Freeport Indonesia (PTFI).
Dalam kerja sama (joint venture/JV) yang diteken pada 1995, Rio Tinto bekerja sama dengan Freeport-McMoRan dan pengelelolaan Tambang Grasberg di Papua. Setelah 2021, Rio Tinto memiliki bagian 40% dari seluruh produksi.
Ada lima hal yang ada dalam kerja sama tersebut, yakni operasi, teknis, eksplorasi, pengembangan tambang, dan manajemen railing.
Deputi Bidang Usaha Pertambangan, Industri Strategis, dan Media Kementerian BUMN Fajar Harry Sampurno mengatakan, proses divestasi saham PTFI masih terus dibahas dengan melibatkan Kementerian BUMN, Kementerian ESDM, dan Kementerian Keuangan. Salah satunya hal teknis mengenai JV antara Freeport-McMoRan dan Rio Tinto.
Adapun saham pemerintah di PTFI Saat ini hanya mencapai 9,36%. Artinya, dengan kewajiban divestasi hingga 51%, masih ada 41,64% saham yang harus dilepas kepada pihak nasional.
“Ada hal-hal yang sangat teknis karena ada Rio Tinto di situ ternyata. Rio, Tinto itu punya perjanjian dengan Freeport mengenai pendanaan dan kemudian membagi keuntungan. Itu pebuh dengan hal teknis dan detail, dan sekarang ini sedang dibahas dengan Freeport,” katanya di kantor Kementerian BUMN, Jumat (24/11).
Dia menjelaskan antara Freeport-McMoRan dan perusahaan tambang asal Australia tersebut memang ada JV dengan porsi 60:40. Dengan adanya divestasi saham hingga 51%, nasib 40% jatah Rio Tinto belum ditentukan.
Menurut Fajar, belum ada keputusan apakah 40% jatah Rio Tinto tersebut akan dikonversi menjadi saham atau tidak.
“Yang jelas ini belum sampai ke level operations. Aninya, masih pemerintah dengan Freeport-McMoRan untuk detailnya,” ujarnya.
Meskipun ada JV terkait operasi PTFI, pihaknya menegaskan kewajiban divestasi hingga 51% sudah pasti dan harus dilaksanakan. Adapun teknis pelepasan saham dan jangka waktunya masih terus dirundingkan.
Wakil Ketua Komisi VII DPR RI Satya W. Yudha menilai pemerintah tidak perlu ikut campur dalam tahapan divestasi saham antara PT Freeport Indonesia dengan Rio Tinto. Hal ini karena pemerintah belum menyelesaikan divestasi saham dengan Freeport.
“Soal Freeport dengan Rio Tinto, itu ya urusan Freeport. Pemerintah belum bisa mencampurinya,” katanya, Jumat (24/11).
Sebelumnya, CEO Freeport-McMoRan Richard C. Adkerson menuturkan setelah proses divestasi, pihaknya memang hanya memiliki saham sebesar 49% di PTFI. Terkait hal tersebut, Rio Tinto dianggap menghadapi konsekuensi yang sama dengan Freeport-McMoRan dalam proses divestasi.
Artinya, JV 60:40 akan dihitung berdasarkan 49% saham yang dimiliki Freeport- McMoRan. Jika tetap berlanjut setelah 2021, jatah Rio Tinto dari produksi PTFI akan sebesar 19,6% saja dan Freeport-McMoRan sebesar 29,4%.
Namun, Adkerson mengatakan, hal tersebut masih terus dibahas. Pihaknya pun masih perlu persetujuan dari Rio Tinto.
“Freeport membutuhkan persetujuan Rio Tinto dan dalam pandangan saya, kita akan mendapatkanya,” tuturnya.
Bisnis Indonesia, Page-30, Saturday, Nov 25, 2017
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