Freeport Divestment Transaction Constrained by Extension of Operation
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PT Inalum (Persero) has received funding to buy 45.62% of PT Freeport Indonesia shares through a Global Bond offer. However, the settlement of the divestment transaction was constrained by the certainty of the extension of mining operations until 2041.
This is because negotiations between the government and Freeport are of a single entity, where divestment and continuation of operations are part of the negotiation points.
Freeport Indonesia spokesman Riza Pratama said, there was no guarantee of certainty of the extension of the operation given by the government to date. Meanwhile, stock transactions await the certainty of continuing operations. "Yes, one agreement," said Riza in Jakarta.
In August last year there was a general agreement on four points of negotiations between the Government and Freeport. One of the points is that the Government will provide a 2x10 year extension of operations to Freeport until 2041. The extension will begin to be calculated in 2021 or in accordance with the term of the Contract of Work (KK).
Provision of extension by terminating the COW and turning into a Production Mining Special Business License (IUPK). Both parties then intensely conducted detailed discussions on the general agreement of the four points of the negotiations.
The government's commitment gives a gradual extension that is in the ESDM Ministerial Regulation Number 11 of 2018 concerning Procedures for Granting Territory, Licensing, and Reporting on Mineral and Coal Mining Business Activities.
In Article 103 the regulation states that it can be extended twice for 10 years in accordance with the provisions of the legislation. The phrase "can" in Article 103 provides an opportunity for the government to refuse.
Indeed, in this Ministerial Regulation there are provisions stating that the Minister can approve or reject the extension of the Production Operation IUPK application based on the results of the evaluation of the Director General of Mineral and Coal.
Giving or rejecting the application for an Operation IUPK The production of the extension is carried out within a period of no later than two months before the KK ends. As for those evaluated by the Director General of Mineral and Coal, they must meet administrative, technical, environmental and financial conditions.
The regulation signed by the Minister of Energy and Mineral Resources, Ignasius Jonan, on February 19, 2018, turned out to not convince Freeport to get operational certainty. For the record, Freeport is willing to switch to IUPK if there is legal certainty and investment as in KK.
The reason is that in the KK there is a clause regarding the right to extend the operation given until 2041. In addition, it is stated that the government cannot delay the extension without a strong reason.
Separately, Director of the Center for Indonesian Resources Strategic Studies (Cirrus) Budi Santoso assessed that the sustainability of Freeport's operations had been given implicitly by the government. This can be seen from the government's agreement regarding the price of Freeport shares valued up to 2041.
He said that negotiations should be take and give. The Government has given good intentions indicated by the stages of negotiations that have been passed.
"If Freeport still insists on certainty, then negotiations will be canceled and mining operations will only be until 2021. Their own losses. Problems with extension and so on, the government still needs to ensure its legal basis. What is clear is that demand like KK does not exist, "he said.
Inalum's Head of Corporate Communications Rendi Ahmad Witular previously said that the payment of Freeport's shares worth US $ 3.85 billion could be delayed if one of the negotiating points had not been resolved. However, he stressed that the delay in the transaction clause was not listed in the Sales & Purchase Agreement along with other related agreements between Inalum, Freeport McMoRan Inc., and PT Rio Tinto Indonesia which were signed on 26 September.
"(It's the nature of negotiations), one unit," he said.
IN INDONESIAN
Transaksi Divestasi Freeport Terkendala Perpanjangan Operasi
PT Inalum (Persero) telah mendapatkan pendanaan untuk membeli 45,62% saham PT Freeport Inddnesia melalui penawaran Surat utang global (Global Bond). Namun penyelesaian transaksi divestasi itu terkendala kepastian perpanjangan operasi tambang hingga 2041. Hal ini karena negosiasi antara pemerintah dan Freeport bersifat satu kesatuan, di mana divestasi dan kelanjutan operasi merupakan bagian dari poin perundingan.
Juru bicara Freeport Indonesia Riza Pratama mengatakan, belum ada jaminan kepastian perpanjangan operasi yang diberikan pernerintah hingga saat ini. Sementara, transaksi saham menunggu kepastian kelanjutan operasi. “Iya satu kesepakatan,” kata Riza di Jakarta.
Pada Agustus tahun lalu sebenar-nya sudah tercapai kesepakatan umum mengenai empat poin negosiasi antara Pemerintah dengan Freeport. Salah satu poinnya yakni Pemerintah akan memberi perpanjangan operasi bertahap 2x10 tahun kepada Freeport hingga 2041. Perpanjangan itu mulai dihitung pada 2021 atau sesuai dengan masa Kontrak Karya (KK) berakhir.
Pemberian perpanjangan dengan mengakhiri KK dan beralih menjadi Izin Usaha Pertambangan Khusus (IUPK) Operasi Produksi. Kedua belah pihak pun kemudian intens melakukan pembahasan mendetil mengenai kesepakatan umum dari empat poin negosiasi itu. Komitmen pemerintah memberi perpanjangan secara bertahap yang ada di dalam Peraturan Menteri ESDM Nomor 11 Tahun 2018 tentang Tata Cara Pemberian Wilayah, Perizinan, Dan Pelaporan Pada Kegiatan Usaha Pertambangan Mineral Dan Batu bara.
Dalam Pasal 103 regulasi itu menyatakan dapat diperpanjang sebanyak dua kali masing-masing selama 10 tahun sesuai dengan ketentuan peraturan perundang-undangan. Frasa "dapat" dalam Pasal 103 itu membuka peluang bagi pemerintah untuk menolak.
Memang dalam Peraturan Menteri ini ada ketentuan yang menyatakan Menteri dapat menyetujui atau menolak permohonan IUPK Operasi Produksi perpanjangan berdasarkan hasil evaluasi Direktur Jenderal Mineral dan Batu bara. Pemberian atau penolakan permohonan IUPK Operasi Produksi perpanjangan tersebut dilakukan dalam jangka waktu paling lambat dua bulan sebelum KK berakhir. Adapun yang dievaluasi oleh Direktur Jenderal Mineral dan Batu bara yakni harus memenuhi administratif, teknis, lingkungan, dan finansial.
Peraturan yang ditandangani Menteri ESDM lgnasius Jonan pada 19 Februari 2018 itu ternyata belum menyakinkan Freeport mendapat kepastian operasi. Sebagai catatan, Freeport bersedia beralih menjadi IUPK bila terdapat kepastian hukum dan investasi sebagaimana dalam KK. Pasalnya, dalam KK ada klausul mengenai hak perpanjangan operasi diberikan hingga 2041. Selain itu disebutkan pemerintah tidak bisa menunda perpanjangan tanpa alasan yang kuat.
Secara terpisah, Direktur Centre for Indonesian Resources Strategic Studies (Cirrus) Budi Santoso menilai keberlanjutan operasi Freeport sebenarnya sudah diberikan pemerintah secara implisit. Hal itu bisa diketahui dari persetujuan pemerintah terkait harga saham Freeport yang divaluasi hingga 2041.
Dia menyebut negoisasi hendaknya bersifat take and give. Pemerintah Sudah memberikan niat baik yang ditunjukan dari tahapan-tahapan perundingan yang sudah dilewati.
“Kalau Freeport masih ngotot minta kepastian, maka negoisasi batal dan operasi tambang hanya sampai 2021. Rugi sendiri mereka. Masalah perpanjangan dan lain sebagainya, pemerintah masih perlu memastikan landasan hukumnya. Yang jelas permintaan seperti KK tidak ada,” tegasnya.
Head of Corporate Communications Inalum Rendi Ahmad Witular sebelumnya mengungkapkan pembayaran saham Freeport senilai US$ 3,85 miliar bisa tertunda bila salah satu poin negosiasi belum diselesaikan. Namun dia menegaskan klausul penundaan transaksi ini tidak tercantum dalam Sales
& Purchase Agreement beserta perjanjian lain yang terkait antara Inalum, Freeport McMoRan Inc, dan PT Rio Tinto Indonesia yang ditandantangani pada
26 September yang lalu.
“(Kan sifatnya negosiasi) satu kesatuan,” ujarnya.
Investor Daily-Page-9, Monday, Nov 12, 2018
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