ESDM & Inalum Still Waiting for Each Other
10:42 AM
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PT Indonesia Asahan Aluminum (Persero) and the Ministry of Energy and Mineral Resources are waiting for each other to immediately complete the divestment process of 51% of PT Freeport Indonesia's shares worth US $ 3.85 billion.
PT Indonesia Asahan Aluminum (Persero)
PT Indonesia Asahan Aluminum (Persero) has obtained an antitrust filing permit from five countries that have been Freeport Indonesia's copper concentrate markets. Therefore, according to Inalum, the process of paying for the 51% divestment of Freeport Indonesia's shares worth US $ 3.85 billion is still awaiting the issuance of a special mining business permit (IUPK). In contrast, the Ministry of Energy and Mineral Resources stated that the issuance of IUPK will be carried out simultaneously with the settlement of transactions and divestments.
ESDM Ministry Director General of Mineral and Coal Bambang Gatot Ariyono said that the issuance of Freeport IUPK was still awaiting completion of the divestment process by Inalum.
"So, it is better for the divestment progress to be checked in Inalum first, asking for the process," he said.
Biggest Gold Mine in the World PT Freeport Indonesia
Freeport's work contract will be amended with IUPK as well as the extension of the Freeport-McMoRan subsidiary's operations. The five countries that have issued business competition licensing documents are Japan, South Korea, China, the Philippines and Indonesia. Business competition permits are part of the divestment of 51% of Freeport Indonesia's shares by Indonesia Asahan Aluminum (Inalum).
the Grasberg Gold mine PT Freeport Indonesia
The competition document is to prevent a monopoly on the copper concentrate market so that Japan, South Korea, China, and the Philippines will still get guaranteed supplies and the Grasberg mine. Antitrust regulation aims to stop abuse of market power by large companies and sometimes to prevent corporate mergers and acquisitions that will create or strengthen monopolistic practices.
Budi Gunadi Sadikin
Inalum President Director Budi Gunadi Sadikin said that China and the Philippines had issued antitrust filing documents last week. According to him, the completion of the share divestment only leaves the finalization stage between Freeport Indonesia and the central government, which is related to the draft of a special mining business permit (IUPK). He hopes that the Freeport share divestment process can be completed in accordance with the government's target, namely before December 15, 2018.
"All antitrust has been completed. Now waiting for the finalization of the IUPK, "he said.
According to him, the settlement of share divestment payment transactions and the issuance of IUPK documents should be completed at the same time. The government has also consulted and explained the portion of share ownership to regional government-owned enterprises (BUMD) of Papua.
The Papua Regional Government did worry about the use of PT Indocopper Investama as a special company Inalum and BUMD. However, the government assured the Papua Regional Government that Indocopper was classified as clean and had become the property of Freeport Indonesia.
The Papua Regional Government did worry about the use of PT Indocopper Investama as a special company Inalum and BUMD. However, the government assured the Papua Regional Government that Indocopper was classified as clean and had become the property of Freeport Indonesia.
READY TO PAY
Finance Director lnalum Orias Petrus Moedak said that the holding company of the mining BUMN was ready to deposit funds to pay for the 51% divestment of Freeport Indonesia's shares. According to him, the issuance of global bonds or global bonds worth US $ 4 billion has been promised in the prospectus to be used no later than the next 6 months or until the end of June 2019.
At present he said, the total funding allocated by the company was recorded at US $ 5.4 billion. The funds have been placed in an escrow account, which is a holding account for funds entrusted to custodians based on written agreements for certain purposes.
The US$ 4 billion global bond issuance will be used to pay for the share divestment to Rio Tinto and Freeport-McMoRan at US $ 3.85 billion, while the remaining US $ 0.15 billion can be used for the company's business development purposes.
Based on Bisnis's record, this state-owned mining company must pay US $ 350 million to buy shares of PT Indocopper Investama, also pay 40 percent of the shares of Rio Tinto's participation in PT Freeport Indonesia for US $ 3.50 billion.
Furthermore, if the settlement of the transaction exceeds the agreed deadline, funding through the issuance of global bonds will be returned again to pay interest.
"If [Freeport shares divestment] is not implemented, we will return [global debt] again. We have to pay 5.9% interest, all of it. Can not
used for other funds other than to divest. "
He added, Inalum was coordinating with Freeport Indonesia to develop a plan to develop the Grasberg mine in the long term, namely until 2041 with a focus on underground mining. Determination of the composition of directors will also be carried out after the divestment process is completed. Director of ESDM Ministry of Mineral Business Development Yunus Saefulhak said, the completion of the Freeport divestment is still awaiting the process payment of US $ 3.85 billion by lnalum to Rio Tinto and Freeport-McMoRan.
"It will be almost at the same time, but keep the time to divest for a short time, but maybe even a matter of days can even count out IUPK."
ESDM Minister Ignasius Jonan has also asked Yunus Saefulhak who has just been appointed as Director of Mineral Business Development to complete the Freeport Indonesia IUPK. Jonan requested that Yunus be able to solve the problem at least in the next week.
IN INDONESIAN
ESDM & Inalum Masih Saling Tunggu
PT Indonesia Asahan Aluminium (Persero) dan Kementerian Energi dan Sumber Daya Mineral saling menunggu untuk segera menuntaskan proses divestasi 51% saham PT Freeport Indonesia senilai US$ 3,85 miliar.
PT Indonesia Asahan Aluminium (Persero) telah mendapatkan izin persaingan usaha atau antitrust filing dari lima negara yang selama ini menjadi pasar konsentrat tembaga Freeport Indonesia. Oleh karena itu, menurut pihak Inalum, proses pembayaran divestasi 51% saham Freeport Indonesia senilai US$ 3,85 miliar masih menunggu penerbitan izin usaha pertambangan khusus (IUPK). Sebaliknya, Kementerian ESDM menyebutkan bahwa penerbitan IUPK akan dilakukan bersamaan dengan penyelesaian transaksi dan divestasi.
Dirjen Mineral dan Batubara Kementerian ESDM Bambang Gatot Ariyono mengatakan bahwa penerbitan IUPK Freeport masih menunggu penyelesaian proses divestasi oleh Inalum.
“Jadi, Iebih baik untuk progres divestasi Iebih dulu dicek ke Inalum, tanya prosesnya,” katanya.
Kontrak karya Freeport akan diubah dengan IUPK sekaligus perpanjangan operasi anak perusahaan Freeport-McMoRan tersebut. Kelima negara yang telah menerbitkan dokumen perizinan persaingan usaha adalah Jepang, Korea Selatan, China, Filipina, dan Indonesia. Izin persaingan usaha menjadi bagian dari divestasi 51% saham Freeport Indonesia oleh Indonesia Asahan Aluminium (Inalum).
Dokumen persaingan usaha itu untuk mencegah terjadinya monopoli pasar konsentrat tembaga sehingga Jepang, Korea Selatan, China, dan Filipina tetap mendapatkan jaminan pasokan dan tambang Grasberg. Regulasi antimonopoli bertujuan untuk menghentikan penyalahgunaan kekuatan pasar oleh perusahaan besar dan terkadang untuk mencegah merger dan akuisisi perusahaan yang akan menciptakan atau memperkuat praktik monopoli.
Direktur Utama Inalum Budi Gunadi Sadikin mengatakan bahwa China dan Filipina sudah mengeluarkan dokumen antitrust filing pada pekan lalu. Menurutnya, penyelesaian divestasi saham hanya menyisakan tahap finalisasi antara Freeport Indonesia dan pemerintah pusat, yaitu terkait dengan draf izin usaha pertambangan khusus (IUPK). Dia berharap agar proses divestasi saham Freeport ini dapat tuntas sesuai dengan target pemerintah, yaitu sebelum 15 Desember 2018.
“Antitrust sudah selesai semua. Sekarang menunggu finalisasi IUPK,” katanya.
Menurutnya, penyelesaian transaksi pembayaran divestasi saham dan penerbitan dokumen IUPK semestinya bisa diselesaikan pada waktu bersamaan. Pemerintah juga sudah berkonsultasi dan menjelaskan porsi kepemilikan saham kepada badan usaha milik daerah (BUMD) Papua. Pemerintah Daerah Papua memang sempat mengkhawatirkan penggunaan PT Indocopper Investama sebagai perseroan khusus Inalum dan BUMD. Namun, pemerintah meyakinkan Pemda Papua bahwa Indocopper tergolong bersih dan telah menjadi milik Freeport Indonesia.
SIAP BAYAR
Direktur Keuangan lnalum Orias Petrus Moedak mengatakan bahwa induk usaha BUMN pertambangan tersebut telah siap menyetorkan dana untuk pembayaran divestasi 51% saham Freeport Indonesia. Menurutnya, penerbitan surat utang global atau global bond senilai US$ 4 miliar telah dijanjikan dalam prospektus untuk digunakan paling lambat selama 6 bulan ke depan atau hingga akhir Juni 2019.
Saat ini katanya, tercatat total pendanaan yang telah dialokasikan perseroan sebesar US$5,4 miliar. Dana itu telah ditempatkan di escrow account, yaitu rekening penampungan untuk dana yang dipercayakan kepada kustodian berdasarkan perjanjian tertulis untuk tujuan tertentu.
Penerbitan obligasi global USS4 miliar itu akan digunakan untuk pembayaran divestasi saham kepada Rio Tinto dan Freeport-McMoRan US$ 3,85 miliar, sedangkan sisanya US$ 0,15 miliar dapat digunakan untuk kepentingan pengembangan usaha perseroan.
Berdasarkan catatan Bisnis, perusahaan tambang milik negara ini harus membayar US$ 350 juta untuk membeli saham PT Indocopper Investama, juga membayar 40% saham partisipasi Rio Tinto di PT Freeport Indonesia sebesar US$ 3,50 miliar.
Selanjutnya, jika penyelesaian transaksi melewati batas waktu yang telah disepakati, pendanaan melalui penerbitan surat utang global akan dikembalikan lagi untuk membayar bunga.
“Kalau [divestasi saham Freeport] tidak terlaksana, kami kembalikan lagi [surat utang global]. Kami harus bayar bunga 5,9%, sudah seluruhnya. Tidak dapat
digunakan untuk dana lain selain untuk divestasi.”
Dia menambahkan, Inalum sedang berkoordinasi dengan Freeport Indonesia untuk menyusun rencana pengembangan tambang Grasberg dalam jangka panjang, yaitu hingga 2041 dengan fokus tambang bawah tanah. Penentuan susunan direksi juga akan dilakukan setelah proses divestasi rampung. Direktur Pembinaan Pengusahaan Mineral Kementerian ESDM Yunus Saefulhak mengatakan, penuntasan divestasi Freeport masih menunggu proses
pembayaran US$ 3,85 miliar oleh lnalum ke Rio Tinto dan Freeport-McMoRan.
“Nanti hampir bersamaan, tetapi tetap divestasi dulu jedanya sebentar, tetapi mungkin hitungan sehari saja bahkan bisa hitungan jam bisa keluar IUPK.”
Menteri ESDM Ignasius Jonan pun telah meminta Yunus Saefulhak yang baru saja dilantik sebagai Direktur Pembinaan Pengusahaan Mineral untuk menyelesaikan IUPK Freeport Indonesia. Jonan meminta agar Yunus bisa menyelesaikan permasalahan tersebut setidaknya dalam sepekan mendatang.
Bisnis Indonesia, Page-24, Tuesday, Dec 11, 2018
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