Ministry of Energy and Mineral Resources Issues Latest Divestment Regulation
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The Ministry of Energy and Mineral Resources (ESDM) issued new regulations related to the divestment of mineral and coal mining shares. The ESDM Ministerial Regulation is the legal basis for calculating the price of PT Freeport Indonesia's shares purchased by PT Inalum (Persero).
The Minister of Energy and Mineral Resources Regulation No. 43 of 2018 is a change to the Minister of Energy and Mineral Resources Regulation No. 9 of 2017 concerning the Procedures for Share Divestment and the Mechanism for Determining the Price of Divestment Shares in Mineral and Coal Mining Business Activities.
One of the things that is different from the previous regulation is the procedure for determining stock prices. In the Minister of Energy and Mineral Resources Regulation 9/2017, only stated that the stock price offered is a fair market value by not taking into account mineral or coal reserves at the time of the stock divestment offering.
While the latest regulation contains more detailed provisions regarding the fair market price. This new rule states that a reasonable market price does not take into account mineral or coal reserves, except those that can be mined during the period of Production Operation mining permit (IUP) or Production Operation special mining permit (IUPK).
This regulation is a legal protection for the share price agreement between Inalum and Freeport McMoRan Inc. The reason is, some time ago Inalum President Director Budi Gunadi Sadikin revealed that the calculation of Freeport's share price included raw minerals that could be extracted and produced until 2041, excluding all reserves in the Grasberg underground mine. The ore counted came from the Deep Ore Zone (DOZ) Block, Deep MLZ, Grasberg Block Cave, and Big Gossan.
While the Cat Liar Block reserve is not counted because it will begin to be produced in 2031. With Freeport Indonesia operating period up to 2041, producing reserves in Kucing Liar is considered uneconomical.
"If I am not mistaken (valuation) with the Wild Cat Block is approximately US $ 150 billion. This reserve is not counted, "Budi said.
When referring to the ESDM Ministerial Regulation 9/2017, the calculation of stock prices conducted by Inalum is not appropriate. But with the revision of regulations, it strengthens Inalum's valuation. The latest regulation was signed by ESDM Minister Ignasius Jonan on September 21 yesterday and was promulgated on September 25, 2018. Two days later, on September 27 the signing of the divestment agreement between Inalum and Freeport McMoRan Inc. took place.
Until this news was revealed, Investor Daily had not received an explanation from the ESDM Ministry regarding the price of the shares. However, Head of Corporate Communications of Inalum, Rendi Ahmad Witular, said the stock valuation was carried out based on cash flow from Freeport's business prospects. The business prospect in question is that ore can be produced up to 2041.
"(ESDM Ministerial Decree 43/2018) Strengthens (stock valuation)," Rendi said in Jakarta, Thursday (4/10).
IN INDONESIA
Kementerian ESDM Terbitkan Regulasi Divestasi Terbaru
Kementerian Energi dan Sumber Daya Mineral (ESDM) menerbitkan regulasi baru terkait divestasi saham pertambangan mineral dan batu bara. Peraturan Menteri ESDM itu menjadi landasan hukum bagi perhitungan harga saham PT Freeport Indonesia yang dibeli oleh PT Inalum (Persero).
Peraturan Menteri ESDM No 43 Tahun 2018 ini merupakan perubahan terhadap Peraturan Menteri ESDM No 9 Tahun 2017 tentang Tata Cara Divestasi
Saham dan Mekanisme Penetapan Harga Saham Divestasi pada Kegiatan Usaha Pertambangan Mineral dan Batubara.
Salah satu hal yang berbeda dengan peraturan sebelumnya yakni mengenai tata cara penetapan harga saham. Dalam Peraturan Menteri ESDM 9/2017 hanya disebutkan harga saham yang ditawarkan ialah harga pasar yang wajar (fair market value) dengan tidak memperhitungkan cadangan mineral atau batu bara pada saat dilaksanakannya penawaran divestasi saham.
Sementara dalam beleid terbaru memuat ketentuan yang lebih rinci mengenai harga pasar yang wajar tersebut. Aturan baru ini menyatakan, harga pasar yang wajar tidak memperhitungkan cadangan mineral atau batu bara, kecuali yang dapat ditambang selama jangka waktu izin usaha pertambangan (IUP) Operasi Produksi atau izin usaha pertambangan khusus (IUPK) Operasi Produksi.
Regulasi ini menjadi perlindungan hukum atas kesepakatan harga saham antara Inalum dan Freeport McMoRan Inc. Pasalnya, beberapa waktu lalu Direktur Utama Inalum Budi Gunadi Sadikin mengungkapkan perhitungan harga saham Freeport meliputi mineral mentah yang bisa digali dan diproduksi hingga 2041, tidak termasuk seluruh cadangan di tambang bawah tanah Grasberg. Adapun ore yang dihitung itu berasal dari Blok Deep Ore Zone (DOZ), Deep MLZ, Grasberg Block Cave, dan Big Gossan.
Sedangkan cadangan Blok Kucing Liar tidak dihitung karena akan mulai diproduksi pada 2031. Dengan masa operasi Freeport Indonesia hingga 2041,
maka memproduksikan cadangan di Kucing Liar dinilai tidak ekonomis.
“Kalau tidak salah (valuasi) dengan Blok Kucing Liar kira-kira mencapai US$ 150 miliar. Cadangan ini tidak dihitung,” ujar Budi.
Bila merujuk pada Peraturan Menteri ESDM 9/ 2017, maka perhitungan harga saham yang dilakukan Inalum tidak sesuai. Namun dengan adanya revisi peraturan, maka memperkuat valuasi Inalum. Beleid teranyar itu diteken Menteri ESDM Ignasius Jonan pada 21 September kemarin dan diundangkan pada 25 September 2018. Dua hari berselang setelah pada 27 September berlangsung penandatangan perjanjian divestasi antara Inalum dan Freeport McMoRan Inc.
Hingga berita ini diturunkan, Investor Daily belum mendapat penjelasan dari Kementerian ESDM mengenai harga saham tersebut. Namun Head of Corporate Communications Inalum Rendi Ahmad Witular mengatakan valuasi saham dilakukan berdasarkan cash flow dari prospek bisnis Freeport. Prospek bisnis yang dimaksud itu ialah ore yang bisa diproduksi hingga 2041.
“(Peraturan Menteri ESDM 43/ 2018) Memperkuat (valuasi saham),” kata Rendi di Jakarta, Kamis (4/10).
Investor Daily, Page-9, Friday, Oct 5, 2018
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