Freeport Acquisition Must Increase Added Value
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The acquisition of PT Freeport Indonesia must create added value. Because until 2041 it is estimated that investment in copper mines in Papua will reach US $ 10 billion. PT Indonesia Asahan Aluminum (Inalum) will become the majority shareholder after buying 51% of Freeport shares. The purchase process is targeted for completion by the end of September. That was the conclusion in the discUS$ion with the theme of Freeport Post-Acquisition Business Scenario, Monday (17/9).
Present at the event included the Director of Mineral and Energy Development and Exploitation of the Ministry of Energy and Mineral Resources Bambang Susigit, Chair of the Indonesia Mining Institute (IMI) Irwandy Arif and Chairman of the Indonesian Geological Association (IAGI) Sukmandaru Prihatmoko.
Bambang said Freeport's mining activities were immediately focused on underground mining. This is in line with the depletion of copper reserves in the Grasberg open pit. He revealed that Freeport's investment plan for the 2014-2021 period requires approximately US $ 7 billion, mainly for the development of underground mines. The investment value does not include the construction of a US $ 3 billion copper smelter. It is estimated that Freeport's investment value after 2021 requires around US $ 10 billion.
"In the future, Freeport will enter the era of underground mining which is technically more complex and its capabilities must be calculated according to plan. Equipment must follow several aspects of technology, benefits and safety, "he said.
Bambang explained that the value of Freeport's investment up to 2021 had only reached around US $ 3 billion. This is because Freeport requires operational certainty after the contract expires in 2021. Certainty of extension of the operation is now included in 4 points of negotiations with the government. Investment delays are also caused by one of the negotiation points related to divestment. Because after the acquisition Inalum became the majority holder of Freeport Indonesia's ownership.
"If Inalum enters 51%, how proportional is the amount of the investment costs, and if all investments go to underground mines is the strategy approved by Inalum," he said.
Bambang further revealed that copper reserves in the Freeport mine reached 2 billion tons. This is based on the average copper ore production per day which reaches 300 thousand tons. If Freeport produces an average of 300 thousand tons, by 2041 there will be 2 billion tons of copper ore. He reminded Freeport to increase the use of domestic goods and services. As many as 33,000 supporting service businesses were recorded. Of that number still use 134 foreign workers. This number is lower than last 2008 which reached 300 foreign workers. He said he would not recommend foreign workers to be post-2021.
"The future strategy will increase the ability of human resources to make underground mining 40% from 100% operational activities," he said.
Meanwhile, Irwandy explained that Freeport's acquisition was based on the results of the assessment of copper reserves. Because Inalum President Director Budi Gunadi Sadikin asked the team led by Irwandy to identify this. This is due to the planned production of Freeport up to 2041 reaching 2 billion tons.
In addition, the acquisition also considers the copper mining business prospects for the next 30 years. It is estimated that the price of gold in the next 5 years will rise to US $ 1,300 / troy ounce. Currently the gold price is around US $ 1,200 / troy ounce.
"We analyze the amount of resources because it involves the economy," he said.
He explained that there were a number of things that Inalum had to pay attention to after the acquisition, namely how to acquire added value, improve sustainable mining processes, and integration for development and anticipation in the future of the mining industry.
"If you want Cashflow not to be disturbed, aspects must be considered. "Just one will neglect will fall apart," he said.
According to him, technology transfer is also needed. He asserted that Indonesian workers are capable of working on underground mines. Because the mining machines have been operated by Indonesian workers. But he admitted there were still foreign workers who still controlled the automatic machine. In the same place, Sukmadaru said that the potential for copper reserves is not only at Grasberg.
Freeport has explored and found reserves in other areas, including in the Wabu area. This area is planned to be handed over to the government in line with the shrinking of the Freeport area in accordance with the provisions in the Minerba Law.
"They found a lot of deposits, so we can know that the results of exploration so far have produced indications for future potential," he said.
Sukmadaru explained that with 51% control to Inalum, the opportunity would be very open even outside Freeport's territory. The round of economic activity is getting stronger, more capital will also flow to Papua.
"The position of 51% will make Inalum, enter the ranks of top class mineral operators, such as Vale and Codelco," he explained
IN INDONESIA
Akuisisi Freeport Harus Tingkatkan Nilai Tambah
Akuisisi PT Freeport Indonesia harus menciptakan nilai tambah. Pasalnya hingga 2041 nanti diperkirakan investasi tambang tembaga di Papua akan mencapai US$ 10 miliar. PT Indonesia Asahan Aluminium (Inalum) akan menjadi pemegang mayoritas saham setelah membeli 51% saham Freeport. Proses pembelian itu ditargetkan selesai pada akhir September ini. Demikian kesimpulan dalam acara diskusi dengan tema Skenario Bisnis Pasca Akusisi Freeport, Senin (17/ 9).
Hadir dalam acara tersebut antara lain Direktur Pembinaan dan Pengusahaan Mineral Kementerian ESDM Bambang Susigit, Ketua Indonesia Mining Institute (IMI) Irwandy Arif serta Ketua Ikatan Ahli Geologi Indonesia (IAGI) Sukmandaru Prihatmoko.
Bambang mengatakan kegiatan pertambangan Freeport segera berfokus pada tambang bawah tanah (underground). Hal ini seiring dengan habisnya cadangan tembaga di tambang terbuka (open pit) Grasberg. Dia mengungkapkan rencana investasi Freeport kurun waktu 2014-2021 membutuhkan lebih kurang US$ 7 miliar yang terutama untuk pengembangan tambang bawah tanah. Nilai investasi itu belum termasuk pembangunan smelter tembaga senilai US$3 miliar. Diperkirakan nilai investasi Freeport setelah 2021 membutuhkan sekitar US$ 10 miliar.
“Ke depan Freeport akan masuk kepada era tambang bawah tanah yang secara teknis lebih kompleks dan secara produksi harus dihitung kemampuan
sesuai rencana. Secara peralatan harus ikuti beberapa aspek teknologi, manfaat dan keselamatan,” katanya.
Bambang menerangkan nilai investasi Freeport hingga 2021 baru terealisasi sekitar US$ 3 miliar. Hal ini disebabkan oleh Freeport membutuhkan kepastian operasi pasca berakhirnya kontrak di 2021. Kepastian perpanjangan operasi itu kini masuk dalam 4 poin perundingan dengan pemerintah. Penundaan investasi juga disebabkan oleh salah satu poin negosiasi terkait divestasi. Pasalnya pasca akuisisi itu Inalum menjadi pemegang mayoritas kepemilikan Freeport Indonesia.
“Apabila Inalum masuk 51% bagaimana proposional besaran biaya investasi jadinya, serta apabila masuk semua investasi ke tambang dalam bawah tanah apakah strategi tersebut disetujui semua oleh Inalum,” ujarnya.
Lebih lanjut Bambang mengungkapkan cadangan tembaga di tambang Freeport mencapai 2 miliar ton. Hal itu berdasarkan rata-rata produksi bijih tembaga per hari yang mencapai 300 ribu ton. Bila Freeport rata-rata memproduksi 300 ribu ton maka hingga 2041 maka terdapat 2 miliar ton bijih tembaga. Dia mengingatkan Freeport harus meningkatkan penggunaan barang dan jasa dalam negeri. Tercatat sebanyak 33.000 usaha jasa penunjang. Dari jumlah itu masih menggunakan 134 tenaga asing. Jumlah tersebut lebih rendah dibandingkan 2008 lalu yang mencapai 300 tenaga asing. Pihaknya tidak akan merekomendasikan tenaga asing terseput pasca 2021.
“Strategi ke depan meningkatkan kemampuan sumber daya manusia agar tambang bawah tanah 40% dari kegiatan jadi 100% operasi,” ungkapnya.
Sementara itu Irwandy menerangkan akuisisi Freeport tentunya berdasarkan hasil penilaian cadangan tembaga. Pasalnya Direktur Utama Inalum Budi Gunadi Sadikin meminta tim yang dipimpin Irwandy untuk mengidentifikasi hal tersebut. Hal ini lantaran rencana produksi Freeport hingga 2041 mencapai 2 miliar ton.
Selain itu akuisisi juga mempertimbangkan prospek bisnis tambang tembaga hingga 30 tahun ke depan. Diperkirakan harga emas dalam 5 tahun ke depan akan naik hingga US$ 1.300/troy ons. Saat ini harga emas dikisaran US$ 1.200/ troy ons.
“Kami analisis jumlah resources karena menyangkut keekonomian,” ujarnya.
Dia menerangkan ada sejumlah hal yang harus diperhatikan Inalum pasca akusisi yakni bagaimana akusisi ciptakan nilai tambah, peningkatan proses pertambangan yang berkelanjutan, serta integrasi untuk pengembangan dan antisipasi ke depan industri pertambangan.
“Kalau mau Cashflow tidak terganggu itu aspek harus diperhatikan. Satu saja lalai akan berantakan,” ujarnya.
Menurutnya transfer teknologi juga diperlukan. Dia menegaskan pekerja Indonesia sudah mumpuni menggarap tambang bawah tanah. Pasalnya mesin-mesin tambang sudah dioperatori oleh pekerja Indonesia. Namun diakuinya masih ada pekerja asing yang masih menguasai mesin otomatis tersebut. Di tempat yang sama, Sukmadaru menuturkan potensi cadangan tembaga tidak hanya berada di Grasberg.
Freeport telah melakukan eksplorasi dan menemukan cadangan di wilayah lain antara lain di daerah Wabu. Wilayah ini rencananya akan diserahkan kepada pemerintah seiring dengan penciutan luas wilayah Freeport sesuai dengan ketentuan dalam UU Minerba.
“Mereka menemukan banyak deposit, sehingga kita bisa tahu bahwa hasil eksplorasi selama ini, menghasilkan indikasi-indikasi untuk dijadikan potensi ke
depan,” ujarnya.
Sukmadaru menerangkan dengan penguasaan 51% ke Inalum, kesempatan akan sangat terbuka bahkan di luar wilayahnya Freeport. Putaran kegiatan ekonomi semakin kuat, capital juga akan semakin banyak mengalir ke Papua.
“Posisi 51% akan membuat Inalum, masuk ke jajaran operator mineral kelas wahid, seperti Vale dan Codelco,” terangnya
Investor Daily, Page-9, Tuesday, Sept 18, 2018
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