40% PI Rio Tinto Agreed to be a Freeport Divestment Shares
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The Government of Indonesia and Freeport agreed, 40% of Rio Tinto's participating interest (PI) in PT Freeport Indonesia (FI) converted to 40% of the divested shares to the Indonesian side. Under the terms, the total divestment of 51% shares of PT Freeport Indonesia must be done immediately.
Biggest Gold Mine in the world
Currently, the government of Indonesia has only 9.36% shares of PT Freeport Indonesia (FI). Thus, there are still 41.64% of the shares that Freeport will have to divest through divestment. The progress of the negotiations between the Indonesian government and Freeport is presented in the Hearing Meeting of Commission VII of the House of Representatives (DPR) with the Ministry of Energy and Mineral Resources (ESDM).
Also attending the meeting were Director General of Minerals and Coal Ministry of Energy and Mineral Resources, Bambang Gatot, FI director, directors of PT Amman Mineral Nusa Tenggara, PT Merdeka Copper Gold Tbk directors, and PT Inalum (Persero) directors.
"The evaluation of the price of Rio Tinto's PI conducted by the independent team will soon be completed. The evaluation result will be discussed by the government with PT Freeport Indonesia, related to the conversion of PI into shares. The divestment process is being followed up by the Ministry of Finance and the Ministry of SOEs, which is targeted to be completed by April 2018, "said Bambang Gatot in Jakarta.
Bambang said that the results of the Rio Tinto PI evaluation conducted by the independent team will become the government's benchmark in taking the remaining shares of the divestment. Rio Tinto, a mining company originally from Australia, does not directly own FI shares, but has joint venture operations.
In the financial statement of Freeport McMoRan, the US mining company which is the holding company of FI, Rio Tinto has a joint venture agreement for the Grasberg Project with Freeport McMoRan.
The Grasberg mine in Papua whose concession is owned by FI is the largest gold mine in the world. Under the agreement, Rio Tinto is entitled to a 40% participating interest in certain assets and a 40% working interest in all assets in Grasberg until 2022 if gold, silver and copper production reach a certain level. After 2022, regardless of their production, the total costs and revenues of the Grasberg Project will be shared for Freeport Indonesia 60% and Rio Tinto 40%.
"Freeport's previous ownership of 81% will be diluted with 51% of divestment obligations. With the current government ownership of 9.36%, 41.6496 other shares are required to be released by Freeport through divestment. Well, converting PI into shares is agreement reached with Freeport, "he explained.
Hope it's Quick Done
At the same venue, PT Freeport Indonesia Executive Vice President Tony Wenas said the negotiation process with the government is still ongoing. It has expressed willingness to release shares related to divestment obligations totaling 51%. This negotiation process is constructive and both parties have the same passion to get it done.
"We hope this can be completed in April, as the government hopes. If we can finish quickly, it's better for us all, "he said.
Tony said, the evaluation of Rio Tinto PI becomes a reference in determining the price paid by the government of Indonesia. However, Tony has not been able to disclose how much the fair price paid by the government. He explained that his side was not involved in the talks between the Indonesian government and Rio Tinto.
"The purchase of Pl is only discussed between the government of Indonesia, (BUMN) Inalum, and Rio Tinto. The government and Inalum are already due diligence that should be nearing completion of the process. It will be very influential to determine the price and the process of further detail, "he said.
Tony asserted that the conversion of PI into the shares has been approved by the parent company, Freeport McMoRan Inc. He believes that one PI is equivalent to one share of Freeport Indonesia.
Ask the Legal Basis
Meanwhile, a member of Commission VII of Energy of the House of Representatives Kurtubi doubted the conversion of PI could become a share. He hoped the scheme would not be a problem in the future. According to him, it is better for the government to wait until the Freeport operation ends in 2021. That way, the government can control the Grasberg mine without having to buy shares.
"Conversion is no reference. What is the legal basis, "he said.
On separate occasions, ESDM Minister Ignatius Jonan previously said that the effort under way in the divestment of 51% of FI shares was done by among others purchasing 40% PI Rio Tinto. He asserted that if the purchase of PI is not enough to accumulate 51%, then the remaining shares will be taken from Freeport McMoran Inc. shares in Freeport Indonesia. Both PI and Freeport McMoRan purchases will be made at a fair price.
Compensation
Jonan further answered the statement of some parties regarding the attitude of the government who chose to buy shares rather than waiting for the Freeport contract to expire in 2021. He explained, there will be compensation to be paid by the Indonesian government if it took over the mining company from the United States in 2021. Compensation can be a payment book value of all Freeport investments
in Indonesia.
IN INDONESIA
40% PI Rio Tinto Disepakati Menjadi Saham Divestasi Freeport
Pemerintah Indonesia dan Freeport sepakat, 40% hak partisipasi (participating interest/PI) Rio Tinto di PT Freeport Indonesia (FI) dikonversi menjadi 40% saham yang nantinya dilakukan divestasi kepada pihak Indonesia. Berdasarkan ketentuan, divestasi total 51% saham PT Freeport Indonesia tersebut harus segera dilakukan.
Saat ini, pemerintah RI hanya memiliki 9,36% saham PT Freeport Indonesia (FI). Dengan demikian, masih ada 41,64% saham lagi yang wajib dilepas Freeport melalui divestasi. Kemajuan pembahasan negosiasi antara pemerintah Indonesia dan Freeport tersebut dipaparkan dalam Rapat Dengar Pendapat Komisi VII Dewan Perwakilan Rakyat (DPR) dengan Kementerian Energi dan Sumber Daya Mineral (ESDM).
Turut hadir dalam rapat antara lain adalah Direktur Jenderal Mineral dan Batubara Kementerian ESDM Bambang Gatot, direksi FI, direksi PT Amman Mineral Nusa Tenggara, direksi PT Merdeka Copper Gold Tbk, dan direksi PT Inalum (Persero).
“Evaluasi harga PI Rio Tinto yang dilakukan oleh tim independen segera rampung. Hasil evaluasi itu nantinya dibahas pemerintah dengan PT Freeport Indonesia, terkait konversi PI tersebut menjadi saham. Proses divestasi ini sedang ditindaklanjuti Kementerian Keuangan dan Kementerian BUMN, yang ditargetkan selesai April 2018,” kata Bambang Gatot di Jakarta.
Bambang mengatakan, hasil evaluasi PI Rio Tinto yang dilakukan oleh tim independen tersebut akan menjadi patokan pemerintah dalam mengambil sisa saham divestasi. Rio Tinto yang merupakan perusahaan tambang yang berasal dari Australia ini sebenarnya tidak secara langsung memiliki saham FI, namun memiliki perianjian usaha patungan.
Dalam laporan keuangan Freeport McMoRan perusahaan tambang Amerika Serikat yang menjadi induk usaha FI disebutkan, Rio Tinto memiliki perjanjian usaha patungan untuk pengerjaan Proyek Grasberg dengan Freeport McMoRan.
Tambang Grasberg di Papua yang konsesinya dimiliki FI merupakan tambang emas terbesar di dunia. Berdasarkan perjanjian tersebut, Rio Tinto berhak atas 40% hak partisipasi pada aset tertentu dan 40% hak partisipasi untuk semua aset di Grasberg sampai 2022 jika produksi emas, perak, dan tembaga mencapai level tertentu. Setelah 2022, berapa pun produksinya, total biaya dan pendapatan dari Proyek Grasberg akan dibagi untuk Freeport Indonesia 60% dan Rio Tinto 40%.
“Kepemilikan Freeport sebelumnya sekitar 81% bakal terdilusi dengan adanya kewajiban 51% divestasi. Dengan kepemilikan pemerintah RI saat ini sebesar 9,36%, maka 41,6496 saham lagi yang wajib dilepas Freeport melalui divestasi. Nah, konversi PI menjadi saham merupakan
kesepakatan yang tercapai dengan Freeport,” paparnya.
Berharap Cepat Selesai
Di tempat yang sama, Executive Vice President PT Freeport Indonesia Tony Wenas mengatakan, proses negosiasi dengan pemerintah masih berlangsung. Pihaknya sudah menyatakan kesediaan melepas saham terkait kewajiban divestasi yang totalnya 51%. Proses negosiasi ini berjalan konstruktif dan kedua pihak memiliki semangat yang sama untuk segera menyelesaikannya.
“Kami berharap ini dapat selesai pada April nanti, sebagaimana harapan pemerintah. Kalau bisa cepat selesai, lebih baik bagi kita semuanya,” katanya.
Tony menuturkan, evaluasi PI Rio Tinto menjadi acuan dalam menentukan harga yang dibayarkan pemerintah RI. Namun, Tony belum bisa membeberkan berapa harga wajar yang dibayarkan pemerintah. Dia menjelaskan, pihaknya tidak terlibat dalam pembicaraan antara pemerintah RI dengan Rio Tinto.
“Pembelian Pl tersebut hanya dibahas antara pemerintah RI, (BUMN) Inalum, dan Rio Tinto. Pemerintah dan Inalum sudah due diligence yang seharusnya hampir selesai prosesnya. Ini akan sangat berpengaruh untuk menentukan harga dan proses detail selanjutnya,” ujarnya.
Tony menegaskan, konversi PI menjadi saham itu sudah mendapatkan persetujuan dari induk perusahaan, yakni Freeport McMoRan Inc. Dia yakin, satu PI setara dengan satu saham Freeport Indonesia.
Tanyakan Dasar Hukum
Sementara itu, anggota Komisi VII bidang Energi Dewan Perwakilan Rakyat Kurtubi meragukan konversi PI bisa menjadi saham. Dia berharap skema tersebut tidak menjadi permasalahan tersendiri di kemudian hari. Menurut dia, lebih baik pemerintah menunggu sampai masa operasi Freeport berakhir di 2021. Dengan begitu, pemerintah bisa menguasai tambang Grasberg tanpa harus membeli saham.
“Konversi itu tidak ada acuannya. Apa dasar hukumnya,” ujarnya.
Pada kesempatan terpisah, Menteri ESDM Ignasius Jonan sebelurnnya mengatakan, upaya yang sedang ditempuh dalam divestasi 51% saham FI dilakukan dengan antara lain membeli 40% PI Rio Tinto. Ia menegaskan, bila dengan pembelian PI itu belum cukup akumulasinya menjadi 51%, maka saham sisanya akan diambil dari saham Freeport McMoran Inc di Freeport Indonesia. Pembelian PI maupun saham Freeport McMoRan ini akan dilakukan dengan harga wajar.
Kompensasi
Lebih lanjut Jonan menjawab pernyataan sejumlah pihak mengenai sikap pemerintah yang memilih membeli saham daripada menunggu kontrak Freeport berakhir pada 2021. Dia menjelaskan, akan ada kompensasi yang harus dibayar pemerintah RI bila mengambil alih perusahaan tambang asal Amerika Serikat itu pada 2021. Kompensasi tersebut bisa berupa pembayaran nilai buku dari semua investasi Freeport
di Indonesia.
Investor Daily, Page-9,Thursday, March 8,2018
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