Freeport's shares divestment target failed
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PT Freeport Indonesia hopes that the negotiation agreement will be finalized in June 2018
The government expects that the negotiations on the divestment of PT Freeport Indonesia divestment can be achieved in April 2018. However, the expectation is missed from reality. Entering this May 2018, the Ministry of Energy and Mineral Resources (ESDM) has not yet received a report from the result of negotiation between PT Indonesia Asahan Aluminum (Inalum) with Rio Tinto. The negotiations relate to the divestment of 51% of Freeport shares.
The report in question is the purchase of Participating Interest (PI) of 40%. This issue has not reached an agreement because it is still bargaining the price issue. Director General of Minerals and Coal (Ministry of Energy and Mineral Resources) Ministry of Energy and Mineral Resources Bambang Gatot Ariyono said it was still waiting for the report before continuing to negotiate other things.
"Not yet reported, we are still waiting," he explained in the Office of Ministry of Energy and Mineral Resources, Monday (5/2)
Bambang explained that the government will not grant an extension of operation permit, if the government has not achieved a 51% share divestment. Also, the obligation to build smelter and refinery processing facilities and stability of investment in the form of tax change from naildown to prefailling.
"The extension has not been approved yet, it's a complete package, and everything has not been agreed yet, if all is not finished yet," Gatot said.
President Joko Widodo commissioned three ministers, ESDM Minister Ignatius Jonan, Finance Minister Sri Mulyani and State Enterprises Minister Rini Soemarno to complete the 51% stake divestment owned by Freeport Indonesia in April 2018.
But so far, Inalum as Head of Holding BUMN Mines assigned by three ministers has not yet completed negotiations with Rio Tinto. Even if the business with Rio Tinto is complete, there are still remaining shares to be seized. from Freeport Indonesia.
Completed June
Freeport Indonesia spokesman Riza Pratama said the stock divestment can not be completed in April. It still hopes this negotiation can be completed by June 2018.
"Those who have target in April are not us, we hope to finish in June," he said to KONTAN on Tuesday (1/5).
Corporate Secretary Inalum Ricky Gunawan declined to comment much.
"Just wait, the result," he said.
Previously, KONTAN sources in the Ministry of Energy and Mineral Resources said, Inalum marathon still negotiate so that on Monday (30/4) or the end of April and negotiations with Rio Tinto can be completed. The plan, Inalum will hold a press conference about the outcome of negotiations with Rio Tinto. The Inalum offer price of 40% of Rio Tinto's PI is 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 offered Inalum to Rio Tinto.
A number of world financial institutions also provide a price calculation (Valuation) of 40% of Rio Tinto's PI. Deutsche Bank, for example, gave a price valuation of 40% of Rio Tinto's participation rights of US $ 3.3 billion or around Rp 45.5 trillion at the current exchange rate. This figure is not far adrift of HSBC and Morgan Stanley count.
In addition to targeting Rio Tinto's PI, lnalum is also eyeing Freeport McMoran's 5% stake in Freeport Indonesia. As a result, these actions will make Inalum control 51% of Freeport Indonesia's shares.
20% Stock Discount Becomes a Slump
There are various reasons for the missed target of agreement in the divestment negotiation of PT Feeport Indonesia shares. One possibility is that Rio Tinto Plc has rejected a 20% discount request for a 40% participating interest in the Grasberg gold mine to be purchased by PT Indonesia Asahan Aluminum (Inalum).
Not only with Rio Tinto, negotiations with Freeport; Indonesia to fulfill the divestment of 51% of shares to date has not been automatically done. The negotiations are still awaiting the settlement of transactions with Rio Tinto. Director of the Center for Indonesian Resources Strategic Studies Budi Santoso rate, the purchase of participating interest 40% Rio Tinto needs to be observed.
Because, Rio Tinto is not directly related to the Contract of Work (KK), he considered, the discounted cash flow (DCF) scheme from Inalum is a common method. But this scheme is risky. Moreover, DCF includes minerals as revenue. This means that minerals are recognized to belong to KK holders. "Though the minerals belong to the state, not the contractor's," he said to KONTAN.
IN INDONESIA
Target Divestasi Saham Freeport Meleset
PT Freeport Indonesia berharap, kesepakatan negosiasi tuntas pada Juni 2018
Pemerintah mengharapkan, kesepakatan dalam negosiasi terkait divestasi saham PT Freeport Indonesia bisa tercapai pada April 2018. Namun, harapan itu meleset dari kenyataan. Memasuki bulan Mei 2018 ini, Kementerian Energi dan Sumber Daya Mineral (ESDM) belum juga menerima laporan dari hasil negosiasi antara PT Indonesia Asahan Aluminium (lnalum) dengan pihak Rio Tinto. Negosiasi itu berkenaan dengan pengambilan divestasi 51% Saham Freeport.
Laporan yang dimaksud adalah pembelian hak partisipasi atau Participating Interest (PI) 40%. Soal ini belum mencapai kesepakatan lantaran masih melakukan tawar menawar masalah harga. Direktur Jenderal Mineral dan Batubara (Dirjen Minerba) Kementerian ESDM Bambang Gatot Ariyono menyatakan, pihaknya masih menunggu laporan tersebut sebelum melanjutkan negosiasi hal-hal yang Iainnya.
"Belum dilaporkan, kami masih menunggu," terangnya di Kantor Kementereian ESDM, Senin, (5/2)
Bambang menjelaskan, pemerintah tidak akan memberikan perpanjangan izin operasi, apabila pemerintah belum meraih divestasi saham 51%. Juga, kewajiban pembangunan fasilitas pengolahan dan pemurnian mineral atau smelter dan stabilitas investasi berupa perubahan perpajakan dari naildown menjadi prefailling.
"Perpanjangan belum disetujui. Itu paket lengkap. Aitinya semua belum setuju, kalau semua belum selesai menjadi satu," tegas Gatot.
Presiden Joko Widodo menugaskan tiga menteri, yaitu Menteri ESDM Ignasius Jonan, Menteri Keuangan Sri Mulyani, dan Menteri Badan Usaha Milik Negara (BUMN) Rini Soemarno untuk menyelesaikan penguasaan divestasi saham sebesar 51% milik Freeport Indonesia itu pada April 2018 lalu.
Namun sejauh ini, Inalum selaku Kepala Holding BUMN Pertambangan yang ditugaskan oleh tiga menteri itu belum juga menyelesaikan negosiasi dengan Rio Tinto. Kalaupun urusan dengan Rio Tinto selesai, masih ada sisa saham yang harus direbut. dari Freeport Indonesia.
Selesai Juni
Juru bicara Freeport Indonesia Riza Pratama menyebutkan, pengambilan divestasi saham tidak bisa diselesaikan pada April lalu. Pihaknya masih berharap negosiasi ini bisa selesai pada Juni 2018.
"Yang punya target April bukan kami. Kami berharap bisa selesai Juni," tandasnya kepada KONTAN, Selasa (1/5).
Sekretaris Perusahaan Inalum Ricky Gunawan enggan berkomentar banyak.
"Ditunggu saja, hasilnya," ucap dia.
Sebelumnya, sumber KONTAN di Kementerian ESDM bilang, Inalum secara maraton tetap berunding supaya pada Senin (30/4) atau akhir April lalu negosiasi dengan Rio Tinto bisa tuntas. Rencananya, Inalum akan menggelar jumpa pers tentang hasil dari perundingan dengan Rio Tinto. Adapun 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 ditawarkan Inalum ke Rio Tinto.
Sejumlah lembaga keuangan dunia juga memberikan hitungan harga (Valuasi) terhadap 40% PI milik Rio Tinto. Deutsche Bank, misalnya, memberi valuasi harga 40% hak partisipasi Rio Tinto sebesar US$ 3,3 miliar atau sekitar Rp 45,5 triliun dengan kurs saat itu. Angka ini tak terpaut jauh dari hitungan HSBC maupun Morgan Stanley.
Selain mengincar PI milik Rio Tinto, lnalum juga mengincar 5% saham Freeport Indonesia milik Freeport McMoran. Alhasil, berbagai aksi itu akan menjadikan Inalum menguasai 51% saham Freeport Indonesia.
Diskon Saham 20% Menjadi Ganjalan
Ada berbagai sebab melesetnya target kesepakatan dalam negosiasi divestasi saham PT Feeport Indonesia. Salah satu kemungkinan karena Rio Tinto Plc menolak permintaan diskon 20% atas harga 40% hak partisipasi alias Participating Interest (PI) di tambang emas Grasberg yang akan dibeli PT Indonesia Asahan Aluminium (Inalum).
Tidak hanya dengan Rio Tinto, negosiasi dengan Freeport; Indonesia untuk menggenapkan mendapat divestasi 51% saham sampai saat ini otomatis belum dilakukan. Negosiasi tersebut masih menunggu penyelesaian transaksi dengan Rio Tinto. Direktur Centre for Indonesian Resources Strategic Studies Budi Santoso menilai, pembelian participating interest 40% Rio Tinto perlu dicermati.
Sebab, Rio Tinto tidak berkaitan langsung dengan Kontrak Karya (KK), la menilai, skema discounted cash flow (DCF) dari Inalum ialah metode umum. Tapi, skema ini termasuk berisiko. Apalagi, DCF memasukkan mineral sebagai pendapatan. Artinya mineral diakui milik pemegang KK. “Padahal mineral milik negara, bukan milik kontraktor," tegasnya kepada KONTAN.
Kontan, Page-14, Wednesday, May 2, 2018
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