End of Year, Papua Regional Government Obtains Freeport Dividend
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PT Inalum (Persero) stated that the Papua Provincial Government and Mimika Regency Government will receive PT Freeport Indonesia's dividend at the end of this year. This is in line with the ownership of 10% of Freeport's shares by the Regional Government which will be registered at PT Indocopper Investama.
Indocopper will become a Special Company that will be owned by Inalum and Regional Government Owned Enterprises (BUMD). This matter in accordance with the master agreement signed on 12 January 2018 between the Central Government, the Government of Papua Province, the Regency Government Mimika, and Inalum on Freeport Indonesia Divestment Shares.
Indocopper currently has a 9.36% stake in Freeport Indonesia which has been controlled 100% by Freeport McMoRan Inc. since 2002. After the divestment process is completed in December, Inalum will own 100% of Indocopper's shares. Later the shares of the Papua Regional Government will be recorded in Indocopper after the divestment is complete.
Inalum's Head of Corporate Communications, Rendi Ahmad Witular, said that the proposal of the Regional Government ownership structure, including the Indocopper structure as a Special Company, is a common structure and considers financial, legal and taxation aspects. The structure is considered efficient for all shareholders, including the Provincial Government of Papua and the Mimika Regency Government.
"The consideration of using Indocopper as a Special Company is the most efficient financial, legal, and taxation mechanism. "The name change from PT Indocopper Investama, will be considered by Inalum and the Regional Government," said Rendi in Jakarta, Sunday (25/11).
Inalum had a meeting with the Governor of Papua and his staff as well as representatives from the Ministry of Finance, Ministry of BUMN, PT Danareksa (Persero), and Danton HPRP Law Office on November 22 in Gedung Negara, Jayapura. The meeting which lasted about one hour took place dynamically and conducively. After the meeting, the Governor and his staff will review the best options for the parties.
Rendi said, the decision of the Central and Inalum Government to allocate 10% of Freeport's shares to the Regional Government was based on good intentions so that the Papuan people would get the maximum benefit from the operational results of the Grasberg mine.
the Grasberg mine
"Inalum really understands the aspirations conveyed by the Governor at the meeting and will continue to cooperate with the Provincial Government and The Mimika Regency Government is looking for the best agreement, "he said.
Inalum is waiting for an agreement between the Government of Papua Province and the Mimika Regency Government regarding the structure of share ownership in BUMD that will be jointly formed. He said, the Regional Government of Papua could immediately enjoy dividends at the end of this year.
"Yes (get dividends) if the process is complete," he explained.
Later there are three business entities that control Freeport Indonesia, namely Freeport Mc-MoRan Inc. with 48.768% share ownership, 25% Indocopper, and Inalum.26,232%. The majority of Indocopper's shares or around 60% are controlled by Inalum and the remaining 40% is held by the Papua Regional Government. The Regional Government ownership is further divided by 70% by the Mimika Regency Government and 30% held by the Papua Provincial Government.
The 10% share of the Papua Regional Government is indeed listed on Indocopper. This is because there are fears that the Regional Government will sell its share to private or foreign parties. If this happens with the pattern of recording, then Inalum remains the majority owner of Freeport Indonesia.
It's just that Rendi did not justify or deny this. He only explained that the Regional Government of Papua bought 10% of Freeport's shares through a loan given by Inalum. Furthermore, the 10% stake is the guarantee. The total value to be paid by the Regional Government is US $ 900 million. But Rendi did not explain how long the Papua Regional Government had to pay the installments.
"It will be loaned by Inalum and the Regional Government will pay in installments through the dividends obtained. Of course, not all of the dividends from the Regional Government from Freeport are used up in installments. The Cicilann is light, "he said.
Stages after stages of the Freeport divestment process show progress. Previously, Inalum had received funding of US $ 4 billion from the issuance of global bonds last week. But there is one more condition that must be met so that transactions can be carried out, namely the achievement of four points of agreement between Freeport and the government. Because the nature of the negotiations is one entity.
The government and Freeport are still carrying out discussions. The four points are the extension of operations until 2041, construction of smelters, 51% divestment, and state revenues. The general agreement of the four points was reached in August 2017. Now both parties are conducting detailed discussions of the agreement.
Later the details of the agreement will be stipulated in the attachment of the Special Mining Business License (IUPK). Freeport is willing to release a contract of work (KK) and switch to IUPK. But Freeport wants the stability of investment in the CoW to be included in the IUPK. Freeport is the largest producer of copper and gold in the world. Referring to Freeport McMoran's performance report, until last September, Freeport Indonesia had registered copper sales of 1 billion pounds and gold 2.1 million ounces.
This realization increased from the same period last year where sales of copper were 630 million pounds and gold was 956 thousand ounces. Until the end of the year, Freeport Indonesia's copper sales were projected to reach 1.16 billion pounds and gold 2.45 million ounces, up from last year's sales of 1 billion pounds of copper and 1.5 million ounces of gold.
IN INDONESIAN
Akhir Tahun, Pemerintah Daerah Papua Memperoleh Dividen Freeport
PT Innalum (Persero) menyatakan Pemerintah Provinsi Papua dan Pemerintah Kabupaten Mimika akan mendapat pembagian dividen PT Freeport Indonesia pada akhir tahun ini. Hal itu seiring dengan kepemilikan 10% saham Freeport oleh Pemerintah Daerah yang akan tercatat di PT Indocopper Investama.
Indocopper akan menjadi Perseroan Khusus yang akan dimiliki oleh Inalum dan Badan Usaha Milik Daerah (BUMD) Pemerintah Daerah. Hal ini sesuai dengan kesepakatan induk yang ditandatangani pada 12 Januari 2018 antara Pemerintah Pusat, Pemerintah Provinsi Papua, Pemerintah Kabupaten Mimika, dan Inalum tentang Pengambilan Saham Divestasi Freeport Indonesia.
Indocopper saat ini tercatat memiliki 9,36% saham di Freeport Indonesia yang dikuasai 100% oleh Freeport McMoRan Inc sejak 2002. Setelah proses divestasi selesai di Desember, maka 100% saham Indocopper akan dimiliki oleh Inalum. Nantinya saham Pemda Papua akan tercatat di Indocopper setelah divestasi selesai.
Head of Corporate Communications Inalum Rendi Ahmad Witular mengatakan, usulan struktur kepemilikan Pemerintah Daerah , termasuk struktur Indocopper sebagai Perseroan Khusus, merupakan struktur yang lazim dan mempertimbangkan aspek finansial, legal, dan perpajakan. Struktur tersebut dinilai efisien bagi semua pemegang saham, termasuk Pemerintah Propinsi Papua dan Pemerintah Kabupaten Mimika.
“Pertimbangan penggunaan Indocopper sebagai Perseroan Khusus adalah mekanisme yang paling efisien secara finansial, legal, dan perpajakan. Penggantian nama dari PT Indocopper Investama, akan menjadi pertimbangan Inalum dan Pemerintah Daerah,” kata Rendi di Jakarta, Minggu (25/11).
Inalum telah melakukan pertemuan dengan Gubernur Papua dan jajarannya serta perwakilan dari Kementerian Keuangan, Kementerian BUMN, PT Danareksa (Persero), dan Kantor Hukum HPRP Danton pada 22 November di Gedung Negara, Jayapura. Pertemuan yang berlangsung sekitar satu jam tersebut berlangsung secara dinamis dan kondusif. Setelah pertemuan, Gubernur dan jajarannya akan mengkaji opsi-opsi yang terbaik bagi para pihak.
Rendi menuturkan, keputusan Pemerintah Pusat dan Inalum untuk mengalokasikan 10% saham Freeport untuk Pemerintah Daerah didasari oleh niat yang baik agar masyarakat Papua mendapatkan manfaat yang maksimal dari hasil operasional tambang Grasberg.
“Inalum sangat memahami aspirasi yang disampaikan Gubernur dalam pertemuan tersebut dan akan terus bekerja sama dengan Pemeeintah Propinsi dan Pemerintah Kabupaten Mimika untuk mencari kesepakatan yang terbaik,” ujarnya.
Inalum menunggu kesepakatan antara Pemerintah Propinsi Papua dan Pemerintah Kabupaten Mimika mengenai struktur kepemilikan saham dalam BUMD yang akan dibentuk bersama. Dikatakannya, Pemerintah Daerah Papua bisa segera menikmati dividen pada akhir tahun ini.
“Iya (dapat dividen) jika prosesnya selesai,” jelasnya.
Nantinya ada tiga entitas bisnis yang menguasai Freeport Indonesia, yakni Freeport Mc-MoRan Inc dengan kepemilikan saham sebesar 48,768%, Indocopper 25%, dan Inalum.26,232%. Mayoritas saham Indocopper atau sekitar 60% dikuasai oleh Inalum dan 40% sisanya dipegang oleh Pemerintah Daerah Papua. Kepemilikan Pemerintah Daerah tersebut terbagi lagi 70% dikuasai oleh Pemerintah Kabupaten Mimika dan 30% dipegang oleh Pemerintah Provinsi Papua.
Jatah 10% saham Pemda Papua memang dicatatkan di Indocopper. Hal ini lantaran ada kekhawatiran Pemerintah Daerah menjual bagian sahamnya kepada pihak swasta atau asing. Bila hal itu terjadi dengan pola pencatatan tersebut, maka Inalum tetap sebagai pemilik mayoritas Freeport Indonesia.
Hanya saja Rendi tidak membenarkan atau menyangkal terkait hal tersebut. Dia hanya menjelaskan Pemerintah Daerah Papua membeli 10% saham Freeport melaluj pinjaman yang diberikan Inalum. Selanjutnya, saham 10% tersebut yang menjadi jaminannya. Adapun nilai total yang harus dibayar Pemerintah Daerah sebesar US$ 900 juta. Namun Rendi tidak menjelaskan berapa lama Pemerintah Daerah Papua harus membayar cicilan tersebut.
“Nanti dipinjamkan dahulu oleh Inalum dan Pemerintah Daerah akan mencicil lewat dividen yang didapat. Tentunya tidak seluruh dividen Pemerintah Daerah dari Freeport digunakan habis untuk mencicil. Cicilannnya ringan,” ujarnya.
Tahapan demi tahapan proses divestasi Freeport menunjukkan kemajuan. Sebelumnya, Inalum telah memperoleh pendanaan sebesar US$ 4 miliar dari penerbitan surat utang global pada pekan lalu. Namun ada satu syarat lagi yang harus dipenuhi agar transaksi bisa dilaksanakan, yakni tercapainya empat poin kesepakatan antara Freeport dan pemerintah. Pasalnya, sifat perundingan itu satu kesatuan.
Pemerintah dan Freeport masih terus melakukan pembahasan. Adapun keempat poin itu yakni perpanjangan operasi sampai 2041, pembangunan smelter, divestasi 51%, dan penerimaan negara. Kesepakatan umum keempat poin itu sudah tercapai pada Agustus 2017 silam. Kini kedua pihak sedang melakukan pembahasan mendetail dari kesepakatan itu.
Nantinya detail kesepakatan itu akan dimauskkan dalam lampiran Izin Usaha Pertambangan Khusus (IUPK). Freeport bersedia melepas kontrak karya (KK) dan beralih menjadi IUPK. Namun Freeport menginginkan stabilitas investasi dalam KK juga masuk dalam IUPK. Freeport merupakan produsen tembaga dan emas terbesar di dunia. Mengacu laporan kinerja Freeport McMoran, sampai September lalu, Freeport Indonesia telah mencatatkan penjualan tembaga sebesar 1 miliar pound dan emas 2,1 juta ounces.
Realisasi ini meningkat dari periode yang sama tahun lalu di mana penjualan tembaga 630 juta pounds dan emas 956 ribu ounces. Sampai akhir tahun, penjualan tembaga Freeport Indonesia diproyeksikan mencapai 1,16 miliar pounds dan emas 2,45 juta ounces, naik dari tahun lalu di mana penjualan tembaga 1 miliar pounds dan emas 1,5 juta ounces.
Investor Daily, Page-9, Monday, Nov 26, 2018
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