Inalum Still Simulates Freeport Divestai Funding
3:19 PM
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PT Inalum (Persero) is still simulating funding for a loan of US $ 3.85 billion to purchase 45.62% of PT Freeport Indonesia's land. A number of the schemes being simulated are loans from eight foreign banks and the issuance of global bonds (bonds).
The option of the global bond issuance is to cover the loans of eight foreign banks. The consideration is that bond issuance is capable reduce the company's cash flow burden. With the debt scheme through bonds, the principal debt is paid at maturity. Unlike bank loans.
Inalum Head of Corporate Communications Rendi Ahmad Witular said, bond issuance is planned for this year. It's just that he doesn't want to reveal when the plan was realized.
"It is still being simulated," Rendi said in Jakarta on Wednesday (31/10).
Rendipun not want to disclose the issuance of bonds aimed at closing bank loans. He argued that the option was also still being simulated. Again, he said that the simulation carried out could not be revealed.
"The details are still in the shadows," he said.
He said, foreign banks have high trust in the performance of Freeport Indonesia. Because the mining company from the United States does not have debt and finances its own mining investments through dividends. The Freeport portfolio makes foreign banks willing to lend to Inalum to acquire the majority of Freeport's shares.
"We borrowed without guarantees of assets or shares. So far they (Freeport) have no debt and the trust is good. According to them (banking) the price (of shares) is (US $ 3.85 billion) cheap, so they want to enter," he said .
Rendi did not disclose, any banking names including those from the funding institution. But he made sure there were no funding institutions from China. The reason is that the interest offered by the Bamboo Curtain country is less competitive. It's just that Rendi did not explain the loan interest offered by the syndication of the eight foreign banks.
"We cannot mention the bank's name and details because it is bound by a non-disclosure agreement," said Rendi.
Currently Inalum is still in the process of completing administration and licensing, among others from anti-trust institutions in Indonesia, China, Japan, the Philippines and South Korea.
Extension of IUPK
Separately, the Director General of Mineral and Coal of the Ministry of Energy and Mineral Resources (ESDM) Bambang Gatot said, Freeport had applied for an extension of the Special Mining Business License (IUPK). But until yesterday the request had not been signed by the Minister.
"Not out yet, the Minister (ESDM Minister Ignasius Jonan) has not signed yet," he said.
Bambang explained that the extension of the IUPK must be given by the Ministry of Energy and Mineral Resources. But he has not confirmed whether the validity period of the IUPK will be like the previous period which was extended for only one month.
"As usual, business as usual," he said.
The extension of the IUPK is needed by Freeport to continue to be able to export concentrates. This IUPK was given while waiting for the detective IUPK which is currently being compiled in detail in the negotiations between Freeport and the Government. If the extension of the IUPK is granted, it is recorded as the seventh extension. Previously, IUPK had been valid for one month, namely September, August and July.
Freeport has held an IUPK license since last February 2017. With the license, Freeport can export copper concentrate. The reason since January 2017, the government banned the Contract of Work (KK) holders from exporting concentrates. Only IUPK holders are building smelters that are permitted to export concentrates until 2022.
Even though the IUPK status was ignored, the mining company from the United States had not released the Freeport KK to be willing to abandon the CoW that had been signed since 1991. However, provided that IUPK provided legal certainty and investment as a KK, negotiations with the government were targeted for completion at 10 October 2017.
There are four points of negotiation, namely the extension of operations until 2041, the construction of smelters, 51% divestment, and increased state revenues. The four points are one entity or all points must be agreed upon. In August 2017 both parties agreed on the four points.
Negotiations then continued on the detailed preparation of the four points for inclusion in the IUPK attachment. Until the deadline of October 10, 2017 an agreement has not yet been reached regarding the details of the ESDM Ministry's IUPK and then issued the first extension with the IUPK validity period until the end of December 2017.
The extension period was given so that during the vulnerable time an agreement was reached. In addition, the extension was given so that during the negotiations, Freeport could still export concentrates. It turned out that until the end of 2017, the detailed preparation of IUPK had not yet finished.
The validity period of the IUPK was extended for the second time until July 4 yesterday. Until the deadline had not yet reached an agreement, the IUPK was extended at the end of July. The extension was given in the hope that the negotiations would be completed soon and then the definitive IUPK was issued.
In mid-July an agreement was reached but still needed time to finalize. Therefore the fourth extension is given with a validity period between 31 July - 31 August.
IN INDONESIAN
Inalum Masih Simulasikan Pendanaan Divestai Freeport
PT Inalum (Persero) masih meIakukan simulasi penolanaan terkait pinjaman US$ 3,85 miliar untuk pembelian 45,62% sanam PT Freeport Indonesia. Sejumlah skema yang sedang disimulasikan itu yakni pinjaman dari delapan bank asing dan penerbitan global bond (obligasi).
Opsi dari penerbitan global bond tersebut untuk menutup pinjaman delapan bank asing. Pertimbangannya yakni penerbitan obligasi mampu mengurangi beban arus kas perusahaan. Dengan skema utang melalui obligasi, maka pokok utang dibayar saat jatuh tempo. Berbeda dengan pinjaman bank.
Head of Corporate Communications Inalum Rendi Ahmad Witular mengatakan, penerbitan obligasi direncanakan pada tahun ini. Hanya saja dia belum mau membeberkan kapan rencana tersebut direalisasikan.
“Masih disimulasikan,” kata Rendi di Jakarta, Rabu (31/ 10).
Rendipun belum mau mengungkapkan penerbitan obligasi bertujuan untuk menutup pinjaman perbankan. Dia berdalih opsi tersebut juga masih disimulasikan. Lagi-lagi dia menyebut simulasi yang dilakukan belum bisa dibeberkan.
“Detailnya masih dalam bayang-bayang nih,” ujarnya.
Dikatakannya, perbankan asing memiliki kepercayaan tinggi terhadap kinerja Freeport Indonesia. Pasalnya, perusahaan tambang asal Amerika Serikat itu tidak memiliki utang dan membiayai sendiri investasi pertambangan melalui deviden. Portofolio Freeport itu yang membuat perbankan asing bersedia memberi pinjaman kepada Inalum untuk mengakuisisi mayoritas saham Freeport.
"Kami meminjam tanpa ada jaminan aset atau saham. Selama ini mereka (Freeport) tidak ada utang dan trustnya bagus. Menurut mereka (perbankan) harga (saham) segitu (US$ 3,85 miliar) murah, makanya mereka mau masuk,” ujarnya.
Rendi tidak membeberkan, nama perbankan apa saja termasuk dari negara institusi pendanaan itu. Namun dia memastikan tidak ada lembaga pendanaan dari asal Tiongkok. Alasannya, bunga yang ditawarkan perbankan negeri Tirai Bambu tersebut kurang kompetitif. Hanya saja Rendi tidak menjelaskan bunga pinjaman yang ditawarkan oleh sindikasi delapan perbankan asing tersebut.
“Kami tidak bisa menyebut nama bank dan detilnya karena terikat non disclosure agreement,” tutur Rendi.
Saat ini Inalum masih dalam proses menyelesaikan administrasi dan perizinan, antara lain dari lembaga persaingan usaha (anti trust) di Indonesia, Tiongkok, Jepang Filipina ,dan Korea Selatan.
Perpanjangan IUPK
Secara terpisah, Direktur Jenderal Mineral dan Batubara Kementerian Energi dan Sumber Daya Mineral (ESDM) Bambang Gatot mengatakan, Freeport sudah mengajukan permohonan perpanjangan Izin Usaha Pertambangan Khusus (IUPK). Namun hingga kemarin permohonan tersebut belum ditandatangani oleh Menteri.
“Belum keluar, Pak Menteri (Menteri ESDM Ignasius Jonan) belum tanda tangan,” ujarnya.
Bambang menerangkan perpanjangan IUPK pasti diberikan oleh Kementerian ESDM. Namun dia belum memastikan apakah masa ber-laku IUPK nanti akan seperti periode sebelumnya yang diperpanjang hanya selama satu bulan.
“Seperti biasa, business as usual," kata dia.
Perpanjangan IUPK diperlukan oleh Freeport untuk tetap bisa melakukan kegiatan ekspor konsentrat. IUPK ini diberikan sambil menunggu IUPK detinitif yang saat ini sedang disusun detail lampirannya dalam perundingan antara Freeport dengan Pemerintah. Bila perpanjangan IUPK diberikan, maka tercatat sebagai perpanjangan ketujuh. Sebelumnya IUPK pernah berlaku selama satu bulan yakni September, Agustus dan Juli.
Freeport telah menyandang lisensi IUPK sejak Februari 2017 lalu. Dengan lisensi itu maka Freeport bisa melakukan ekspor konsentrat tembaga. Pasalnya sejak januari 2017 lalu, pemerintah melarang pemegang Kontrak Karya (KK) untuk ekspor konsentrat. Hanya pemegang IUPK yang membangun smelter yang diizinkan ekspor konsentrat hingga 2022.
Meski mengautongi status IUPK, perusahaan tambang dari Amerika Serikat itu belum melepas KK Freeport memang bersedia menanggalkan KK yang sudah diteken sejak 1991. Namun dengan syarat IUPK yang diberikan memberi kepastian hukum dan investasi layaknya KK Oleh karena itu digelar perundingan dengan pemerintah yang ditargetkan selesai pada 10 Oktober 2017.
Ada empat poin negosiasi yakni perpanjangan operasi hingga 2041, pembangunan smelter, divestasi 51%, dan peningkatan penerimaan negara. Keempat poin itu bersifat satu kesatuan atau harus seluruh poin disepakati. Pada Agustus 2017 kedua belah pihak menyepakati keempat poin tersebut.
Negosiasi kemudian berlanjut pada penyusunan detil keempat poin itu untuk dituang dalam lampiran IUPK. Hingga batas tenggat waktu 10 Oktober 2017 belum tercapai kesepakatan mengenai detail IUPK Kementerian ESDM kemudian menerbitkan perpanjangan pertama dengan masa berlaku IUPK hingga akhir Desember 2017.
Masa perpanjangan itu diberikan agar selama rentan waktu tersebut tercapai kesepakatan. Selain itu perpanjangan diberikan agar selama negosiasi, Freeport masih bisa ekspor konsentrat. Ternyata hingga akhir 2017, belum juga selesai penyusunan detail IUPK. Masa berlaku IUPK pun diperpanjang untuk kedua kalinya hingga 4 Juli kemarin.
Hingga batas waktu tersebut pun belum tercapai kesepakatan, sehingga IUPK diperpanjang akhir juli. Perpanjangan itu diberikan dengan harapan perundingan segera selesai dan kemudian diterbitkan IUPK definitif.
Pada pertengahan Juli memang tercapai kesepakatan tapi masih butuh waktu untuk finalisasi. Oleh sebab itu perpanjangan keempat diberikan dengan masa berlaku antara 31 Juli- 31 Agustus.
Investor Daily, Page-9, Thursday, Nov 1, 2018
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