Opportunities Request Discounts from Waste Cases
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Inalum wants to get a price of 40% participating interest (PI) of Rio Tinto at a discount. Both are still in negotiations to finalize the price agreement. Opportunities Inalum got a more open price discounts because Rio Tinto seang cornered environmental issues from Freeport operations.
The Ministry of State-Owned Enterprises chased until April 2018 to buy Freeport Indonesia divestment stake of 41.94%. The seriousness of the government to take the divestment shares, among others, is realized by forming a holding company (holding) BUMN mining sector. PT Indonesia Asahan Aluminum (Inalum) was appointed as a holding state-owned mine in November 2017.
PT Indonesia Asahan Aluminum (Inalum)
The company, led by Budi Gunadi Sadikin, former President Director of Bank Mandiri, was given a special mission to buy Freeport divestment shares. One of the targeted is the 40% participating interest (PI) or Freeport Indonesia's shares of Rio Tinto. No wonder, now Inalum looks intense negotiating with Rio Tinto.
In addition to targeting Rio Tinto's PI, Inalum is also eyeing Freeport McMoran's 5% stake in Freeport Indonesia. Counting has a count, these actions will make Inalum take control of 51% of Freeport Indonesia's shares.
Riza Pratama PT Freeport Indonesia spokesman said, Rio Tinto did want to get out of Grasberg. The uncertainty of extending the operational life of Freeport into consideration. In addition to the contract vagueness, environmental affairs are also rumored to be a consideration of Rio Tinto out of Freeport.
Grasberg, the world biggest Gold Mine in Indonesia
Based on the Freeport share divestment negotiation document received by KONTAN, Freeport Indonesia's environmental damage due to Freeport Indonesia's tailings also suppress Rio Tinto. Reportedly, this environmental affair made a number of global investors threaten to revoke investment funds in Rio Tinto.
With environmental reasons too, Noiwegia forbids their state pension fund to invest in Rio Tinto. Specifically Norway accused Rio Tinto of being directly involved in environmental damage caused by Freeport's Grasberg gold miner.
Like getting a treasure, Rio Tinto's position is cornered, becomes an opportunity for Inalum to file a price discount to Rio Tinto. Is it true? "As a certain buyer we bid cheaply," Budi said diplomatically. Budi still keeps the bid price proposed to Rio Tinto.
"We are negotiating, we can not talk, but the price range already exists," said Budi.
Referring to the information up to KONTAN, Inalum will use the Discounted Cashflow (DCF) scheme of the market price to sue 40% of Rio Tinto's PI. DCF is a fair value method based on the concept that the value of a business comes from the amount of cash flow or cash flow earned during the lifetime of the business.
Then the result is discounted back against the current value of money. Calculate had a count, Inalum's bid price of 40% PI owned by Rio Tinto about US $ 2.3 billion. The value reflects the price of 936% of Inalum's shares of Freeport (the proceeds from the Government of Indonesia) of approximately US $ 550 million. Reportedly, the value of that offer is what Inalum cut into Rio Tinto.
In comparison, a number of world financial institutions also provide a valuation of 40% of Rio Tinto's PI. Deutsche Bank, for example, gave a 40% price valuation of Rio Tinto's PI of US $ 3.3 billion or around Rp 45.5 trillion at the current exchange rates.
The price is also not far adrift of HSBC, or Morgan Stanley. Director of the Center for Indonesian Resources Strategic Studies (Ciruss) Budi Santoso rate, the purchase of participating interest 40% Rio Tinto need to be observed. Because, Rio Tinto not directly related to the Contract Katya (KK).
He considered, the DCF and Inalum scheme is a common method. But this scheme is risky. Moreover, DCF includes minerals as revenue. This means that minerals are recognized as belonging to the Contract of Work holders.
"Whereas the state-owned minerals, not the contractor's," he said.
IN INDONESIA
With environmental reasons too, Noiwegia forbids their state pension fund to invest in Rio Tinto. Specifically Norway accused Rio Tinto of being directly involved in environmental damage caused by Freeport's Grasberg gold miner.
Like getting a treasure, Rio Tinto's position is cornered, becomes an opportunity for Inalum to file a price discount to Rio Tinto. Is it true? "As a certain buyer we bid cheaply," Budi said diplomatically. Budi still keeps the bid price proposed to Rio Tinto.
"We are negotiating, we can not talk, but the price range already exists," said Budi.
Referring to the information up to KONTAN, Inalum will use the Discounted Cashflow (DCF) scheme of the market price to sue 40% of Rio Tinto's PI. DCF is a fair value method based on the concept that the value of a business comes from the amount of cash flow or cash flow earned during the lifetime of the business.
Then the result is discounted back against the current value of money. Calculate had a count, Inalum's bid price of 40% PI owned by Rio Tinto about US $ 2.3 billion. The value reflects the price of 936% of Inalum's shares of Freeport (the proceeds from the Government of Indonesia) of approximately US $ 550 million. Reportedly, the value of that offer is what Inalum cut into Rio Tinto.
In comparison, a number of world financial institutions also provide a valuation of 40% of Rio Tinto's PI. Deutsche Bank, for example, gave a 40% price valuation of Rio Tinto's PI of US $ 3.3 billion or around Rp 45.5 trillion at the current exchange rates.
The price is also not far adrift of HSBC, or Morgan Stanley. Director of the Center for Indonesian Resources Strategic Studies (Ciruss) Budi Santoso rate, the purchase of participating interest 40% Rio Tinto need to be observed. Because, Rio Tinto not directly related to the Contract Katya (KK).
He considered, the DCF and Inalum scheme is a common method. But this scheme is risky. Moreover, DCF includes minerals as revenue. This means that minerals are recognized as belonging to the Contract of Work holders.
"Whereas the state-owned minerals, not the contractor's," he said.
IN INDONESIA
Peluang Minta Diskon dari Kasus Limbah
Inalum ingin mendapatkan harga 40% participating interest (PI) Rio Tinto dengan harga diskon. Keduanya masih terlibat negosiasi untuk menyelesaikan kesepakatan harga. Peluang Inalum mendapat diskon harga makin terbuka lantaran Rio Tinto seang terpojok isu lingkungan dari operasi Freeport.
Kementerian Badan Usaha Milik Negara mengejar waktu hingga April 2018 untuk membeli saham divestasi Freeport Indonesia sebesar 41,94%. Keseriusan pemerintah mengambil saham divestasi itu antara lain diwujudkan dengan membentuk induk usaha (holding) BUMN sektor pertambangan. PT Indonesia Asahan Aluminium (Inalum) ditunjuk sebagai holding BUMN tambang pada November 2017.
Perusahaan yang dipimpin Budi Gunadi Sadikin, mantan Direktur Utama Bank Mandiri itu, memang diberi misi khusus memborong saham divestasi Freeport. Salah satu yang diincar adalah 40% participating I interest (PI) atau saham Freeport Indonesia milik Rio Tinto. Tidak heran, kini Inalum tampak intens bernegosiasi dengan Rio Tinto.
Selain mengincar PI milik Rio Tinto, Inalum juga mengincar 5% saham Freeport Indonesia milik Freeport McMoran. Hitung punya hitung, berbagai aksi itu akan menjadikan Inalum menguasai 51% saham Freeport Indonesia.
Riza Pratama Juru Bicara PT Freeport Indonesia mengatakan, Rio Tinto memang ingin keluar dari Grasberg. Ketidakjelasan perpanjangan masa operasional Freeport menjadi pertimbangannya. Selain ketidakjelasan kontrak, urusan lingkungan juga dikabarkan menjadi pertimbangan Rio Tinto keluar dari Freeport.
Berdasarkan dokumen negosiasi divestasi saham Freeport yang diterima KONTAN, kerusakan lingkungan akibat limbah (tailing) Freeport Indonesia juga menekan Rio Tinto. Kabarnya, urusan Iingkungan ini membuat sejumlah investor global mengancam mencabut dana investasinya di Rio Tinto.
Dengan alasan lingkungan itu juga, Noiwegia melarang lembaga dana pensiun negara mereka untuk menginvestasikan dana di Rio Tinto. Secara Spesitik Norwegia menuduh Rio Tinto terlibat langsung dalam kerusakan lingkungan akibat penambang emas Grasberg milik Freeport.
Seperti mendapatkan harta karun, Posisi Rio Tinto yang sedang tersudut, menjadi peluang bagi Inalum untuk mengajukan diskon harga ke Rio Tinto. Benarkah? "Sebagai pembeli pasti kami menawar semurah-murahnya, " kata Budi diplomatis. Budi masih merahasiakan tawaran harga yang diajukan ke Rio Tinto.
"Kami sedang melakukan negosiasi, kami tidak bisa bicara. Tapi range harga sudah ada," ujar Budi.
Merujuk informasi yang sampai KONTAN, Inalum akan memakai skema Discounted Cashflow (DCF) dari harga pasar untuk
meminang 40% PI milik Rio Tinto. DCF adalah metode perhitungan nilai wajar berdasarkan konsep bahwa nilai suatu bisnis berasal dari
jumlah cash flow atau arus uang yang didapat selama masa hidup bisnis tersebut.
Kemudian hasilnya diskontokan kembali terhadap nilai uang yang berlaku sekarang. Hitung punya hitung, harga penawaran Inalum terhadap 40% PI milik Rio Tinto sekitar US$ 2,3 miliar. Nilai itu mencerminkan harga 936% saham Freeport milik Inalum (hasil pemberian Pemerintah Indonesia) sekitar US$ 550 juta. Kabarnya, nilai tawaran itulah yang disorongkan Inalum ke Rio Tinto.
Sebagai perbandingan, sejumlah lembaga keuangan dunia juga memberikan hitungan harga (valuasi) terhadap 40% PI milik Rio Tinto. Deutsche Bank, misalnya, memberi valuasi harga 40% PI Rio Tinto sebesar US$ 3,3 miliar atau sekitar Rp 45,5 triliun dengan kurs saat itu.
Harga tersebut juga tak terpaut jauh dari hitungan HSBC, maupun Morgan Stanley. Direktur Centre for Indonesian Resources Strategic Studies (Ciruss) Budi Santoso menilai, pembelian participating interest 40% Rio Tinto perlu dicermati. Sebab, Rio Tinto tidak berkaitan langsung dengan Kontrak Katya (KK).
Ia menilai, skema DCF dan Inalum ialah metode umum. Tapi, skema ini termasuk berisiko. Apalagi, DCF memasukkan mineral sebagai pendapatan. Artinya mineral diakui milik pemegang Kontrak Karya.
"Padahal mineral milik negara, bukan milik kontraktor," tegasnya.
Kontan, Page-14, Tuesday, March 27, 2018
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