Freeport IUPK is Back Extended
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The government extends a special mining permit or PT Freeport Indonesia IUPK until 30 November 2018. The IUPK while Freeport Indonesia ends on 31 October 2018.
Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan said that his party only extended the Freeport Indonesia IUPK for 1 month. It was intended that PT Inalum (Persero) and Freeport Indonesia complete the payment of the shares divestment of the subsidiary of the United States.
Jonan admitted that his side intentionally extended the duration of the temporary IUPK of the Freeport-McMoRan subsidiary so that the 51% divestment transaction of the company's shares would immediately be completed. So far, with the addition of temporary IUPK OP time, Freeport Indonesia can continue to sell copper concentrates abroad.
"I signed it [extension of temporary IUPK]. Yes, a month. Deliberately, so the transaction will be completed quickly, he said.
The Supreme Audit Agency said that PT Freeport Indonesia had to complete the recommendation on audit results related to environmental issues in the form of licenses to borrow forest areas and changes in ecosystems due to processed mining waste. Basan Financial Examiners noted the potential loss of state revenue due to the management of Freeport Indonesia's mineral mining that has not been fully implemented according to the provisions.
As a result of this non-compliance, the potential for the loss of non-tax state revenue (PNBP) in 2009-2015 was US $ 445.96 million. Jonan considered that the BPK's findings would not hamper the share divestment process because it was still limited to potential losses. The government will issue the Freeport Indonesia permanent IUPK after the divestment process of 51% of the shares is completed. As a contract holder (KK), Freeport first obtained temporary IUPK status on February 10, 2017 which is valid until October 10, 2017 (8 months).
Meanwhile, Inalum targets the completion of the Freeport Indonesia share divestment transaction in December 2018. At least several steps need to be implemented to complete the share divestment transaction. Just mention the preparation of Inalum's funding needs, approval of amendments to the articles of association, business competition reporting (China, Indonesia, Japan, the Philippines and South Korea). Finally, the settlement of the transaction itself.
PT Inalum Rendi Achmad Witular's Head of Corporate Communication said the funding search process continued. According to him, all stages are still in planning and there are no changes to the completion schedule.
"So far we are on time. To plan a share divestment transaction, it is also still on the right track. "
In October 2018, Inalum President Director Budi Gunadi Sadikin said that the transaction was now nearing the end of the takeover letter (SPA).
"Documentation, permits and payments are expected to be completed by December where payments are made and legally the shares change hands," he said.
He elaborated, from the value of the US $ 3.85 billion divestment calculated from the potential cash flow of Freeport Indonesia which will complete the open pit next year. Freeport will continue with underground mining.
"The picture of our figures is seen from Freeport, the average profit after tax is above US $ 2 billion after 2020."
To support the Freeport Indonesia divestment process, the Ministry of Energy and Mineral Resources also revised the procedures and mechanisms for determining the price of divested shares in mineral and coal mining activities through Minister of Energy and Mineral Resources Regulation No. 43/2018 concerning Procedures for Divesting Shares in Mining Business Activities.
IN INDONESIAN
IUPK Freeport Kembali Diperpanjang
Pemerintah memperpanjang izin usaha pertambangan khusus atau IUPK PT Freeport Indonesia sampai 30 November 2018. IUPK sementara Freeport Indonesia berakhir pada 31 Oktober 2018.
Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan mengatakan bahwa pihaknya hanya memperpanjang IUPK Freeport Indonesia selama 1 bulan. Hal itu bertujuan agar PT Inalum (Persero) dan Freeport Indonesia menyelasaikan pembayaran divestasi saham anak perusahaan dari Amerika Serikat tersebut.
Jonan mengaku bahwa pihaknya sengaja memperpanjang durasi secara berkala IUPK sementara anak usaha Freeport-McMoRan agar transaksi divestasi 51% saham perusahaan tersebut segera tuntas. Sejauh ini, dengan adanya penambahan waktu IUPK OP sementara, Freeport Indonesia bisa tetap melakukan penjualan konsentrat tembaga ke luar negeri.
“Sudah saya tanda tangani [perpanjangan IUPK sementara]. Iya sebulan. Sengaja, supaya cepat transaksinya seleasai, tuturnya.
Badan Pemeriksa Keuangan menyebut bahwa PT Freeport Indonesia harus menyelesaikan rekomendasi hasil pemeriksaan terkait dengan persoalan lingkungan berupa izin peminjaman kawasan hutan dan perubahan ekosistem akibat limbah hasil olahan tambang. Basan Pemeriksa Keuangan mencatat potensi kehilangan pendapatan negara akibat pengelolaan pertambangan mineral Freeport Indonesia yang belum sepenuhnya dilaksanakan sesuai ketentuan.
Akibat ketidakpatuhan tersebut, potensi kebilangan penerimaan negara bukan pajak (PNBP) pada 2009-2015 senilai US$ 445,96 juta. Jonan menilai bahwa temuan BPK itu tidak akan menghambat proses divestasi saham karena masih sebatas potensi kerugian. Pemerintah akan menerbitkan IUPK permanen Freeport Indonesia setelah proses divestasi 51 % saham rampung. Sebagai pemegang kontrak karya (KK), Freeport pertama kali mendapatkan status IUPK sementara pada 10 Februari 2017 yang berlaku hingga 10 Oktober 2017 (8 bulan).
Sementara itu, Inalum menargetkan penyelesaian transaksi divestasi saham Freeport Indonesia pada Desember 2018. Setidaknya beberapa tahapan yang perlu dilaksanakan untuk menyelesaikan transaksi divestasi saham tersebut. Sebut saja persiapan kebutuhan pendanaan Inalum, persetujuan perubahan anggaran dasar, pelaporan persaingan usaha (China, Indonesia, Jepang, Filipina dan Korea Selatan). Terakhir penyelesaian transaksi itu sendiri.
Head of Corporate Communication PT Inalum Rendi Achmad Witular mengatakan, proses pencarian pendanaan terus berlangsung. Menurutnya,
semua tahapan masih berada dalam perencanaan dan tidak ada perubahan jadwal penyelesaian.
“Sejauh ini kami tepat waktu. Untuk rencana transaksi divestasi saham, juga masih dalam jalur yang tepat.”
Medio Oktober 2018, Direktur Utama Inalum Budi Gunadi Sadikin mengatakan bahwa transaksi itu saat ini sudah mendekati akhir dari surat pengambilalihan (SPA).
“Dokumentasi, izin, dan pembayaran diharapkan selesai Desember di mana pembayaran dilakukan dan secara legal saham berpindah tangan," katanya.
Dia memerinci, dari nilai divestasi US$ 3,85 miliar dihitung dari potensi aliran kas Freeport Indonesia yang akan menyelesaikan tambang terbuka pada tahun depan. Freeport akan melanjutkan dengan tambang bawah tanah.
“Gambarannya angka kita Iihat dari Freeport ini, rata-rata keuntungan setelah pajak di atas US$2 miliar setelah 2020."
Untuk mendukung proses divestasi saham Freeport Indonesia, Kementerian ESDM juga merevisi tata cara dan mekanisme penetapan harga saham divestasi pada kegiatan usaha pertambangan mineral dan batu bara melalui Peraturan Menteri ESDM No. 43/2018 tentang Tata Cara Divestasi Saham Pada Kegiatan Usaha Pertambangan.
Bisnis Indonesia, Page-24, Friday, Nov 2, 2018
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