Inalum Bargains Cheap Stock Owned by Rio Tinto
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The government's plan to buy 40% of Rio Tinto's Participating Interest (PI) at the PT Freeport Indonesia Grasberg mine enters a new phase. Setting the target to completion in April 12018, the parent of state-owned mining company PT Indonesia Asahan Aluminum (Inalum) has already submitted a bid price for 40% of Rio Tinto's PI portion.
Rio Tinto's
"It's a 40% bid for US $ 550 million," he said.
In calculating the price valuation of Rio Tinto's 40% PI, Inalum hired Morgan Stanley, PricewaterhouseCoopers (PWC) and Danareksa. To finance the acquisition of Rio Tinto's property rights, Inalum will get loans from Japanese banks, the United States and national banks.
PricewaterhouseCoopers (PWC)
The price offer is cheap, even lower than Inalum bought Freeport McMoran shares (FCX) directly on the New York Stock Exchange. As of March 20, 2018, at 23:19 pm, FCX price is perched at US $ 18.39 per share. Well, from the minutes of discussing Freeport Indonesia's share divestment obtained by KONTAN, there is a reason for Inalum to dare to put up a low bid:
Grasberg Mine, biggest Gold Mine In the World
Rio Tinto wants to escape from Grasberg. The company wants to be a mining company that cares about the environment. Meanwhile, Freeport Indonesia is considered a lot of environmental problems. If this is true, the Freeport Indonesia divestment negotiations will again be difficult. Because, in 2015, FCX offered 10% of Freeport Indonesia's shares worth US $ 1.9 billion or US $ 1.6 billion for 40% of Freeport Indonesia's shares.
The Indonesian government price is only US $ 3.2 billion. Head of Corporate Comunication Inalum, Rendi A Witular declined to comment on the PI price offer. He just stated, PI Rio Tinto's purchase to unify equity interest and economic interest to 51% for Indonesia, while 49% for Freeport McMoran, "he said.
Director General of Minerals and Coal Ministry of Energy and Mineral Resources Bambang Gatot Ariyono asserted, if the price valuation is complete, Inalum immediately negotiate with Rio Tinto.
"If all agreed, then report to the Minister of Energy and Mineral Resources for the issuance of Special Mining Business License (IUPK)," he said.
Budi Santoso, Director of Cente for Indonesian Resources Strategic Studies (Cirrus), said the negotiations were accelerated to reach the target of settlement agreement in April. The important thing, stay careful and careful though should speeding after the target.
IN INDONESIA
The Indonesian government price is only US $ 3.2 billion. Head of Corporate Comunication Inalum, Rendi A Witular declined to comment on the PI price offer. He just stated, PI Rio Tinto's purchase to unify equity interest and economic interest to 51% for Indonesia, while 49% for Freeport McMoran, "he said.
Director General of Minerals and Coal Ministry of Energy and Mineral Resources Bambang Gatot Ariyono asserted, if the price valuation is complete, Inalum immediately negotiate with Rio Tinto.
"If all agreed, then report to the Minister of Energy and Mineral Resources for the issuance of Special Mining Business License (IUPK)," he said.
Budi Santoso, Director of Cente for Indonesian Resources Strategic Studies (Cirrus), said the negotiations were accelerated to reach the target of settlement agreement in April. The important thing, stay careful and careful though should speeding after the target.
IN INDONESIA
Inalum Tawar Murah Saham Milik Rio Tinto
Rencana pemerintah membeli 40% hak partisipasi atau Participating Interest (PI) Rio Tinto di tambang Grasberg PT Freeport Indonesia memasuki babak baru. Memasang target selesai April 12018, induk BUMN tambang, PT Indonesia Asahan Aluminium (Inalum) ternyata sudah mengajukan harga penawaran untuk 40% bagian PI milik Rio Tinto.
"lnalum menawar 40% seharga US$ 550 juta," ujarnya.
Dalam menghitung valuasi harga PI 40% milik Rio Tinto, Inalum menyewa Morgan Stanley, PricewaterhouseCoopers (PWC) dan Danareksa. Untuk membiayai akuisisi hak milik Rio Tinto, Inalum akan mendapat pinjaman dari bank Jepang, Amerika Serikat dan bank-bank nasional.
Tawaran harga itu terbilang murah, bahkan lebih rendah daripada Inalum membeli langsung saham Freeport McMoran (FCX) di New York Stock Exchange. Per 20 Maret 2018, pukul 23.19 WIB, harga FCX bertengger di harga US$ 18,39 per saham. Nah, dari risalah pembahasan divestasi saham Freeport Indonesia yang didapat KONTAN , ada alasan Inalum berani memasang tawaran rendah:
Rio Tinto ingin kabur dari Grasberg. Perusahaan itu ingin menjadi perusahaan tambang yang peduli terhadap lingkungan. Adapun, Freeport Indonesia dinilai banyak terbelit masalah lingkungan. Jika ini benar, negosiasi divestasi saham Freeport Indonesia akan kembali sulit. Pasalnya, tahun 2015, FCX menawarkan 10% saham Freeport Indonesia seharga US$ 1,9 miliar atau US$ 1,6 miliar untuk 40% saham Freeport Indonesia.
Adapun hitungan harga pemerintah Indonesia yakni hanya US$ 3,2 miliar. Head of Corporate Comunication Inalum, Rendi A Witular enggan berkomentar terkait tawaran harga PI tersebut. Dia hanya menyatakan, Pembelian PI Rio Tinto untuk menyatukan equity interest dan economic interest menjadi 51% bagi Indonesia, sementara 49% untuk Freeport McMoran," ujarnya.
Direktur Jenderal Mineral dan Batubara Kementerian ESDM Bambang Gatot Ariyono menegaskan, jika valuasi harga selesai, Inalum segera bernegosiasi dengan Rio Tinto.
"Jika semua sepakat, setelahitu melapor ke Menteri ESDM untuk dikeluarkan Izin Usaha Pertambangan Khusus (IUPK)," ujarnya.
Direktur Cente for Indonesian Resources Strategic Studies (Cirrus) Budi Santoso menilai, negosiasi itu dipercepat untuk mencapai target penyeIesaian kesepakatan di April nanti. Yang penting, tetap cermat dan hati-hati meski harus ngebut mengejar target.
Kontan, Page-1, Wednesday, March 21, 2018
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