PI Rio Tinto stock valuation Completed
12:52 PM
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Talks between PT Freeport Indonesia and the government enter the next round. This is in line with the completion of Rio Tinto's participating interest (PI) valuation. The government and Freeport agreed to convert 40% of Rio Tinto's PI to 40% of Freeport shares.
Rio Tinto does not directly own shares of Freeport Indonesia. However, in a Freeport McMoRan financial report it is mentioned that the Australian mining company has a joint venture agreement for the Grasberg Project with Freeport McMoRan.
the Grasberg Gold Mine, the world biggest gold mine in Indonesia
Under this 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 production, cost, and revenues from the Grasberg Project will be divided into two, namely Freeport Indonesia 60% and Rio Tinto 40%.
The negotiation process at that time related to PI Rio Tinto's price. The offer was made by the government, PT Inalum (Persero) as holding BUMN Tambang and Rio Tinto.
PT Inalum (Persero)
"Negotiation is again a bargain. Maybe we can not talk, but the price range already exists, "said President Director Inalum Budi Gunadi Sadikin in Jakarta.
However, Budi is reluctant to disclose further price range that is in the process of bargaining. He just mentioned the price range that became the benchmark his side is not much different from that announced by international financial institutions. But he insists the price agreement will be reached no later than late April.
"In all analyst research that there is Deutche Bank, HSBC, Swiss Credit, Morgan Stanley was written in detail calculated its core components, calculated component smelter no number in detail there. Not much difference, "he said.
This bargaining process is part of the 51% Freeport share divestment negotiations. The divestment obligation is one of four points of negotiation related to the preparation of special mining business permit (IUPK) attachment. Mining companies from the United States are already willing to release 51% stake. The current stake in Freeport Indonesia is 9.36%. The share has
transferred ownership to Inalum.
With the composition of these shares then Freeport live release 41.64% stake. If a price agreement with Rio Tinto is reached then the remaining shares will be taken from Freeport McMoran's portion.
IN INDONESIA
Valuasi saham PI Rio Tinto Rampung
Perundingan antara PT Freeport Indonesia dengan pemerintah memasuki babak selanjutnya. Hal ini seiring dengan selesainya valuasi harga hak partisipasi (participating interest/PI) Rio Tinto. Pasalnya pemerintah dan Freeport sepakat untuk mengkonversi 40% PI Rio Tinto menjadi 40% saham Freeport.
Rio Tinto tidak secara langsung memiliki saham Freeport Indonesia. Namun, dalam laporan keuangan Freeport McMoRan disebutkan, perusahaan tambang dari Australia ini memiliki perjanjian usaha patungan untuk pengerjaan Proyek Grasberg dengan Freeport McMoRan.
Dalam perjanjian ini, Rio Tinto berhak atas 40% hak partisipasi di aset tertentu dan 40% hak partisipasi untuk semua aset di Grasberg sampai 2022 jika produksi emas, perak, dan tembaga mencapai level tertentu. Setelah 2022, berapapun produksi, biaya, dan
pendapatan dari Proyek Grasberg akan dibagi dua, yakni Freeport Indonesia 60% dan Rio Tinto 40%.
Proses negosiasi saat itu terkait harga PI Rio Tinto. Penawaran itu dilakukan oleh pemerintah, PT Inalum (persero) selaku holding BUMN Tambang dan Rio Tinto.
“Negosiasi lagi tawar-tawar. Mungkin kita tidak bisa bicara, tapi range harga sudah ada,” kata Direktur Utama Inalum Budi Gunadi Sadikin di Jakarta.
Namun Budi enggan membeberkan lebih lanjut kisaran harga yang sedang dalam proses tawar menawar tersebut. Dia hanya menyebut kisaran harga yang menjadi patokan pihaknya tidak jauh berbeda dengan yang diumumkan oleh lembaga keuangan internasional. Namun dia menegaskan kesepakatan harga akan tercapai paling lambat akhir April.
“Di semua analyst research itu kan ada Deutche Bank, HSBC, Credit Swiss, Morgan Stanley itu ditulis secara rinci dihitung komponen intinya,
dihitung komponen smelter ada angkanya secara detil ada. Tidak banyak beda,” ujarnya.
Proses tawar menawar ini merupakan bagian dari perundingan divestasi 51% saham Freeport. Kewajiban divestasi merupakan satu dari empat poin negosiasi terkait penyusunan lampiran izin usaha pertambangan khusus (IUPK). Perusahaan tambang dari Amerika Serikat sudah bersedia melepas 51% saham. Saat ini saham pemerintaih di Freeport Indonesia sebesar 9,36%. Saham tersebut telah
dialihkan kepemilikannya ke Inalum.
Dengan komposisi saham tersebut maka Freeport tinggal melepas 41,64% saham. Bila tercapai kesepakatan harga dengan Rio Tinto maka sisa saham akan diambil dari porsi Freeport McMoran.
Investor Daily, Page-9, Thursday, March 22, 2018
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