Inalum wants Freeport managed jointly
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After the divestment process, it should, Inalum can control PT Freeport Indonesia
PT Indonesia Asahan Aluminum (Inalum) claimed that it would complete the transaction of acquiring 51.23% of PT Freeport Indonesia (Freeport) shares worth US $ 3.85 billion or Rp. 57 trillion in November this year. But until now the management of InaIum has not explained in detail the funding scheme that will be pursued.
While preparing the funding scheme, Inalum management expects Freeport's management and operational control to be carried out jointly with other shareholders, namely Freeport, MCMoran Inc (FCX). This is to ensure the production and sale of concentrate is beneficial for Indonesia. So far, the majority of Freeport concentrate is sold to China.
Inalum's Managing Director, Budi Gunadi Sadikin, said that Inalum would jointly carry out the management and operations of Freeport. This is done in consideration of maintaining the sustainability and performance of Freeport production. Especially at this time the open pit operation will be phased out.
"It means, we want to go together, because it is important for Inalum and FCX to run Freeport smoothly. By 2019 to 2020 production will probably go down because the mine operations are exhausted," Budi said when met at the ESDM Ministry on Friday (28/9 ).
If Freeport's takeover process does not run smoothly, it will harm the company. So, even though after the takeover Freeport Inalum had a majority stake of 9.3G% to 51.23%, the management position and arrangement were chosen together between Inalum and FCX.
Budi likens, this management arrangement is like a husband and wife relationship. Nothing dominates and is done through mutual agreement.
"Actually it is clear, our shareholders are more (big) only in the decision making we invite," he said.
For the sake of getting around the decline in production in open mines, when. Freeport is in the process of transitioning to under-ground pit. Budi explained, underground pit is a fairly complex and largest mining in the world.
"So it really requires good cooperation. This means that we cannot make a fuss," said Budi.
Observer of Natural Resources Law from Tarumanagara University, Ahmad Redi, considered that Inalum's position which could not be dominant was quite detrimental. Because Freeport's divestment should have two advantages for Inalum. First, about the transfer of benefits related to business or financial matters. Second, the control shift is the matter of management and production operations.
This, according to Redi, is a consequence of the majority ownership of Inalum's shares to be able to determine the direction of Freeport's control,
"This is not like a husband and wife relationship, not a context like that. This is a business relationship, a corporation. So it must be clear," he said
For this reason, Redi stressed, before paying off Freeport's takeover transaction, Inalum needed to clarify its position, including about certain time limits related to the transfer of Freeport's management and operations. For example, IUPK was given for 2x10 years, in the next 10 years after underground mining operated, the operating rights immediately switched from FCX to Inalum.
"If it is not clear, what is the divestment if it still does not take control, let alone the money has come out, must pay the debt too," said Redi.
IN INDONESIA
Inalum Ingin oerasional Freeport Dikelola Bersama
Setelah proses divestasi, seharusnya, Inalum bisa mengendalikan PT Freeport Indonesia
PT Indonesia Asahan Aluminium (Inalum) mengkiaim akan menuntaskan transaksi akuisisi 51,23% saham PT Freeport Indonesia (Freeport) senilai US$ 3,85 miliar atau Rp 57 triliun pada November tahun ini. Namun hingga kini manajemen InaIum belum menjelaskan secara mendetail skema pendanaan yang bakal ditempuh.
Sembari menyiapkan skema pendanaan, manajemen Inalum mengharapkan kendali manajemen dan operasional Freeport dijalankan bersama-sama dengan pemegang saham Iainnya, yakni Freeport, MCMoran Inc (FCX). Hal tersebut untuk memastikan produksi dan penjualan konsentrat menguntungkan bagi Indonesia.
Sejauh ini, mayoritas konsentrat Freeport dijual ke Tiongkok. Direktur Utama Inalum, Budi Gunadi Sadikin, menyatakan, Inalum akan bersama-sama FCX menjalankan manajemen dan operasional Freeport. Hal ini dilakukan dengan pertimbangan menjaga keberlanjutan dan kinerja produksi Freeport. Apalagi saat ini masa operasi tambang terbuka (open pit) akan habis secara bertahap.
"Artinya, kita mau jalan bersama-sama, karena penting bagi Inalum dan FCX menjalankan Freeport dengan mulus. Pada tahun 2019 hingga 2020 mungkin produksi akan turun karena operasional tambang terbuka habis," ungkap Budi saat ditemui di Kementerian ESDM, Jumat (28/9).
Apabila proses pengambilalihan Freeport tidak berjalan mulus, akan merugikan perusahaan tersebut. Jadi, meski setelah pengambilalihan Freeport Inalum memiliki saham mayoritas dari sebelumnya 9,3G% menjadi 51,23%, posisi dan pengaturan manajemen dipilih bersama-sama antara Inalum dan FCX.
Budi mengibaratkan, pengaturan manajemen ini seperti hubungan suami istri. Tidak ada yang saling mendominasi dan dilakukan melalui persetujuan bersama.
"Sebenarnya sudah jelas, pemegang sahamnya kan kami lebih (besar) cuma dalam pengambilan keputusan kami ajak," kata dia.
Demi menyiasati merosotnya produksi di tambang terbuka, saat. ini Freeport dalam proses masa transisi ke tambang bawah tanah (under-ground pit). Budi menjelaskan, underground pit merupakan pertambangan yang cukup rumit dan terbesar didunia.
"Jadi benar-benar memerlukan kerjasama yang baik. Artinya, kita tidak boleh ribut-ribut," kata Budi.
Pengamat Hukum Sumber Daya Alam dari Universitas Tarumanagara, Ahmad Redi, menilai, posisi Inalum yang tidak bisa dominan cukup merugikan. Sebab, divestasi Freeport seharusnya memiliki dua keuntungan bagi Inalum. Pertama, soal peralihan manfaat yang terkait urusan bisnis atau finansial. Kedua, peralihan pengendalian yakni soal manajemen dan operasional produksi.
Hal tersebut, menurut Redi, merupakan konsekuensi dari kepemilikan mayoritas saham Inalum untuk bisa menentukan arah pengendalian Freeport.
"Ini bukan seperti hubungan suami istri, bukan konteks seperti itu. Ini merupakan hubungan bisnis, korporasi. Jadi harus jelas," ungkap dia
Untuk karena itu, Redi menekankan, sebelum melunasi transaksi pengambilalihan saham Freeport, Inalum perlu memperjelas posisinya, termasuk tentang batas waktu tertentu terkait peralihan manajemen dan operasional Freeport. Misalnya, IUPK diberikan selama 2x10 tahun, pada 10 tahun berikutnya setelah underground mining beroperasi, hak operasi itu segera beralih dari FCX ke Inalum.
"Kalau tidak jelas, untuk apa divestasi jika tetap tidak memegang kendali, apalagi uang sudah keluar, harus bayar utang pula," ungkap Redi.
Investor Daily, Page-9, Friday, Sept 28, 2018
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