Target Divestment of Freeport Misses
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The government's target of PT Freeport Indonesia's divestment of PT Freeport Indonesia's divestment agreement in April 2018 missed because there was no agreement between the holding company, PT Inalum (Persero) with Rio Tinto. Until April 30, 2018, there has been no final agreement related to the process of transferring shares of Freeport Indonesia. Negotiations are still continuing.
Freeport Indonesia spokesman Riza Pratama said that the divestment negotiation status between Freeport and the government is still awaiting the results of the government talks with Rio Tinto.
"The status is awaiting the outcome of the tussle between Rio Tinto and the government on the purchase of participating interest [40% stake in Rio Tinto's participation in Freeport]," he told Bisnis on Monday (30/4).
Minister of Energy and Mineral Resources Ignasius Jonan stated that he had received direct directives from President Joko Widodo to finalize the 51% divestment of Freeport Indonesia's shares divestment in April 2018. Jonan said it prepared a final draft of a special mining business license (IUPK) as umbrella operations of Freeport Indonesia after an agreement in the current negotiations.
"The President's directive for PTFI divestment settlement [PT Freeport Indonesia] if possible before the end of April is over." IUPK drafting final is ready, "
he said at the office of the Ministry of Energy and Mineral Resources, early March.
In the divestment process, the national party represented by PT Inalum (Perserol intends to purchase 40% of Rio Tinto's participation rights in Freeport Indonesia which will be converted into shares first.
On the contrary, the Ministry of Energy and Mineral Resources is still waiting for a report from the Ministry of SOEs related to the 51% divestment of Freeport Indonesia shares divestment.
Wait
Director General of the Ministry of Energy and Mineral Resources, Bambang Gatot Ariyono, said that his side has not received any reports on the progress of the Freeport Indonesia divestment negotiations, including the obstacles faced.
"The Ministry of Energy and Mineral Resources is waiting." After completion [divestiture negotiations], other requirements are finalized, "he said on Monday (30/4).
In addition to the divestment of negotiations between the government and Freeport Indonesia covers issues of extension of operations, smelter development, and investment stability. Negotiations are deemed to be over if all the issues are agreed upon.
"It can not be one-one, all in one package," he said.
The purchase of Rio Tinto's participation rights in order to fulfill Freeport Indonesia's 51% divestment obligation will reduce its direct impact on Freeport-McMoRan Inc., the parent of Freeport Indonesia, which currently controls 91, 64% of the shares, significantly. Because, by taking Rio Tinto's participation rights, Freeport-McMoRan only needs to release its shares a little more.
In cooperation with Freeport-McMoRan in 1996, Rio Tinto invested in the management of the Grasberg Mine in Papua with a 40% participating interest. By the end of 2021, Rio Tinto has a 40% right when production reaches a certain level. After that, Rio Tinto's 40% share will be calculated from all Freeport Indonesia's production or revenues.
If Rio Tinto's participation rights change to 40% stake in Freeport Indonesia, Freeport-McMoRan's ownership of 81.28% will be diluted to 48.768%, while PT Indocopper Investasma (a subsidiary of Freeport), and the Government of Indonesia with 9.36% will be diluted to 5.616%.
IN INDONESIA
Target Divestasi Freeport Meleset
Target pemerintah terhadap kesepakatan negosiasi divestasi saham PT Freeport Indonesia pada April 2018 meleset karena belum ada kesepakatan antara induk usaha tambang, PT Inalum (Persero) dengan Rio Tinto. Hingga 30 April 2018, belum ada kesepakatan final terkait dengan proses peralihan saham Freeport Indonesia. Negosiasi pun masih terus berlanjut.
Juru bicara Freeport Indonesia Riza Pratama mengatakan bahwa status negosiasi divestasi antara Freeport dan pemerintah masih menunggu hasil perundingan pemerintali dengan Rio Tinto.
"Statusnya adalah menunggu hasil pertindingan antara Rio Tinto dan pemerintah tentang pembelian participating interest [40% saham partisipasi Rio Tinto di Freeport]," tuturnya kepada Bisnis, Senin (30/4).
Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan menyatakan bahwa telah mendapat arahan langsung dari Presiden Joko Widodo untuk menyelesaikan negosiasi divestasi 51% saham Freeport Indonesia pada April 2018. Jonan mengatakan, pihaknya menyiapkan draf final dokumen izin usaha pertambangan khusus (IUPK) sebagai payung operasi Freeport Indonesia setelah ada kesepakatan dalam perundingan yang berlangsung saat ini.
"Arahan Bapak Presiden untuk penyelesaian divestasi PTFI [PT Freeport Indonesia] kalau bisa sebelum akhir April sudah selesai. IUPK drafting final siap," katanya di kantor Kementerian ESDM, awal Maret lalu.
Dalam proses divestasi tersebut, pihak nasional yang diwakili oleh PT Inalum (Perserol berniat untuk membeli 40 % hak partisipasi Rio Tinto di Freeport Indonesia yang akan dikonversi terlebih dahulu menjadi saham.
Sebaliknya, Kementerian ESDM menyatakan masih menunggu laporan dari Kementerian BUMN terkait dengan negosiasi divestasi 51% saham Freeport Indonesia.
Menunggu
Dirjen Kementerian ESDM Bambang Gatot Ariyono mengatakan, pihaknya belum menerima laporan soal perkembangan negosiasi divestasi saham Freeport Indonesia, termasuk kendala yang dihadapi.
"Kementerian ESDM menunggu. Setelah selesai [negosiasi divestasi], baru persyaratan lain diselesaikan," katanya, Senin (30/4).
Selain divestasi negosiasi antara pemerintah dan Freeport Indonesia meliputi isu perpanjangan operasi, pernbangunan smelter, dan stabilitas investasi. Negosiasi dianggap selesai apabila seluruh isu tersebut disepakati.
"Tidak bisa satu-satu. Semuanya dalam satu paket," tuturnya.
Pembelian hak partisipasi Rio Tinto dalam rangka memenuhi kewajiban divestasi 51% Freeport Indonesia akan mengurangi dampak langsung terhadap Freeport-McMoRan Inc., induk usaha Freeport Indonesia, yang saat ini menguasai 91 ,64% saham, secara signifikan. Pasalnya, dengan mengambil hak partisipasi Rio Tinto, Freeport-McMoRan hanya perlu melepas sahamnya sedikit lagi.
Adapun, melalui kerja sama dengan Freeport-McMoRan yang pada 1996, Rio Tinto ikut berinvestasi dalam pengelolaan Tambang Grasberg di Papua dengan hak partisipasi 40%. Hingga akhir 2021, Rio Tinto memiliki hak 40% apabila produksi mencapai level tertentu. Setelah itu, jatah 40 % Rio Tinto akan dihitung dari seluruh produksi atau pendapatan Freeport Indonesia.
Jika hak partisipasi Rio Tinto itu berubah menjadi 40% saham di Freeport Indonesia, kepemilikan Freeport-McMoRan sebesar 81,28% akan terdilusi menjadi 48,768%, sedangkan PT Indocopper Investasma (anak usaha Freeport), dan Pemerintah Indonesia yang memiliki saham 9,36% akan terdilusi menjadi 5,616%.
Bisnis Indonesia, Page-30, Wednesday, May 2, 2018
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