Inalum Ready to Face Production Decline
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Freeport Share Divestment
PT Inalum (Persero) is ready to face a significant production decline after it owns 51% of PT Freeport shares Indonesia. President Director Inalum Budi Gunadi Sadikin said that the peak of Freeport Indonesia's production in the Grasberg open pit will occur this year. After 2018, mining will move to a underground mine that is currently under development.
"So, 2018 peak production [peak production in the open pit [Grasberg open pit] because it has come down. Below it's a lot of gold. Fortunately it will be great, but this year is up, "he said.
PT Inalum (Persero) is ready to face a significant production decline after it owns 51% of PT Freeport shares Indonesia. President Director Inalum Budi Gunadi Sadikin said that the peak of Freeport Indonesia's production in the Grasberg open pit will occur this year. After 2018, mining will move to a underground mine that is currently under development.
"So, 2018 peak production [peak production in the open pit [Grasberg open pit] because it has come down. Below it's a lot of gold. Fortunately it will be great, but this year is up, "he said.
Gold Mine of PT Freeport Indonesia
According to him, currently underground mining production is still very small. However, it will continue to increase every year. He estimates that underground mine production levels will degrade Grasberg production levels by 2022. That is, during 2019 to 2021 there will be a decline in production.
"EBITDA is still there because there is still stock, but small. By 2019 [EBITDA] is most likely to fall. "
In addition, Inalum is continuing to negotiate with Rio Tinto in connection with the purchase of Rio Tinto's participation rights by 40% at PT Freeport Indonesia. Budi said, the price range is obtained from the research of several banks. According to him, the results of counting one bank with another not too far away.
"Range [price range] is set. In all analyst research such as Deutsche Bank, HSBC, Credit Suisse, Morgan Stanley it has been written in detail. Not much different. "
He asserted, his side negotiate intensively to get the best price. Moreover, the government is targeting an agreement on Freeport Indonesia divestment to be obtained in April 2018. He stated that the more loans will be easier for Inalum to take over 40% of Rio Tinto's participation rights in Freeport Indonesia. However, he is still reluctant to disclose which parties are lending in the transaction.
Based on Deutsche Bank's market research released February 13, 2018, it would be quite natural that Rio Tinto release its participating rights above US $ 3.3 billion.
"We thought out [from Grasberg] for a value above US $ 3.3 billion would be a worthy result for Rio Tinto," the Deutsche Bank research said. Previously, valuations on Freeport Indonesia's shares had occasionally surfaced. However, its value often changes due to long time spans.
Initially, Rio Tinto's portion did not count in Freeport Indonesia's 51% divestment process. The divestment process focuses on acquiring Freeport-McMoRan shares.
IN INDONESIA
Divestasi Saham Freeport
Inalum Siap Hadapi Penurunan Produksi
PT Inalum (Persero) siap untuk menghadapi penurunan produksi yang signifikan setelah memiiiki 51% saham PT Freeport
Indonesia. Direktur Utama Inalum Budi Gunadi Sadikin mengatakan bahwa puncak produksi Freeport Indonesia di tambang terbuka Grasberg akan terjadi pada tahun ini. Setelah 2018, penambangan akan beralih ke tambang bawah tanah yang saat ini masih dalam tahap pengembangan.
“Jadi, 2018 peak production [puncak produksi di open pit [tambang terbuka Grasberg] karena sudah sampai bawah. Di bawah itu banyak emasnya. Untungnya akan besar, tetapi tahun ini habis," katanya.
Menurutnya, saat ini produksi tambang bawah tanah masih sangat kecil. Namun, akan terus meningkat setiap tahun. Dia memperkirakan, tingkat produksi tambang bawah tanah akan menyainai tingkat produksi Grasberg mulai 2022. Artinya, sepanjang 2019 hingga 2021 akan terjadi penurunan produksi.
“EBITDA-nya masih tetap ada karena masih ada stok, tetapi kecil. Pada 2019 [EBITDA] paling jatuh.”
Selain itu, Inalum masih terus bernegosiasi dengan Rio Tinto terkait dengan rencana pembelian hak partisipasi Rio Tinto sebesar 40% di PT Freeport Indonesia. Budi menuturkan, kisaran harga tersebut diperoleh dari hasil riset beberapa bank. Menurutnya, hasil penghitungan satu bank dengan yang lainnya tidak terlalu jauh.
“Range [rentang] harga sudah diset. Di semua analyst research seperti dari Deutsche Bank, HSBC, Credit Suisse, Morgan Stanley itu sudah ditulis secara rinci. Tidak banyak berbeda."
Dia menegaskan, pihaknya bernegosiasi secara intensif untuk mendapatkan harga terbaik. Apalagi pemerintah menargetkan kesepakatan terkait divestasi Freeport Indonesia bisa diperoleh pada April 2018. Dia menyatakan, semakin banyak pinjaman akan semakin mudah bagi Inalum untuk mengambil alih 40% hak partisipasi Rio Tinto di Freeport Indonesia. Namun, dia masih enggan mengungkapkan pihak mana saja yang memberi pinjaman dalam transaksi tersebut.
Berdasarkan riset pasar Deutsche Bank yang dirilis 13 Februari 2018, akan cukup wajar apabila Rio Tinto melepas hak partisipasinya tersebut di atas US$ 3,3 miliar.
“Kami berpikir keluar [dari Grasberg] untuk nilai di atas US$ 3,3 miliar akan menjadi hasil yang layak bagi Rio Tinto,” tulis riset Deutsche Bank tersebut. Sebelumnya, valuasi atas saham Freeport Indonesia pernah beberapa kali muncul ke permukaan. Namun, nilainya sering berubah karena adanya rentang waktu yang panjang.
Awalnya, porsi Rio Tinto tidak masuk hitungan dalam proses divestasi 51% Freeport Indonesia. Proses divestasi fokus pada pengambilalihan saham Freeport-McMoRan.
Bisnis Indonesia, Page-30, Thursday, March 22, 2018
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