August, Freeport Targets Smelter Funding
12:08 PM
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PT Freeport Indonesia is targeting to get a loan for a smelter project this month. Completion of funding will be part of calculating the progress of smelter construction. Freeport Indonesia spokeswoman Riza Pratama said Freeport's smelter funding came from banking syndication. As many as 15 banks are willing to give loans. It's just that he said that bank loans are still in the process. The plan, the loan was obtained this August.
"Funding is not final," said Riza in Jakarta.
Riza Pratama
Riza said, the funding agreement would be part of the smelter construction progress. The reason is that funding is proof of Freeport's commitment in building smelters in the country. The smelter is located in the Java Integrated Industrial and Port Estate (JIIPE) industrial area, Gresik, East Java. The smelter capacity reaches 2 million tons of copper concentrate with an investment of around USS 2.8 billion.
the Java Integrated Industrial and Port Estate (JIIPE)
"[The funding agreement] is attached to the smelter's progress," he said.
As is known, the Ministry of Energy and Mineral Resources (ESDM) evaluates the progress of smelters every six months from the time companies pocket export recommendations. In this case, so that, in September, the government will re-evaluate the progress of the Freeport smelter construction.
Freeport Orias Deputy Director Peter Moedak previously said, the loan size expected to later be able to finance the entire project. He is optimistic that the funding will be obtained in August. But he could not notify the loan tenor because it was still simulated.
"We don't have a loan now. Clean balance sheets, "he said.
Orias added, funding from this banking institution must obtain approval from shareholders, in this case PT Inalum (Persero). The request will be submitted after obtaining the certainty of the banking institution that will finance it. He believes the shareholders will agree because the loan scheme does not need to inject funds to finance the smelter. But he said shareholders remained involved in the payment of loan interest.
Freeport has actually started the construction of smelters since 2014, but until now it has not yet entered the construction stage. That is because the new government extended the operation at the end of 2018 yesterday. The extension was given after going through a long negotiation process.
Negotiation agreements include the government owning a 51% stake in Freeport Indonesia through PT Inalum (Persero). Then, Freeport released the status of the Contract of Work and turned into a Special Mining Business Permit (IUPK). In addition, the construction of a smelter no later than five years since the issuance of IUPK became part of the negotiation agreement.
Meanwhile, ESDM Ministry Director of Mineral Development and Business Yunus Saefulhak said, the progress of the Freeport smelter in February 2019 yesterday reached 3.86%. The smelter's progress is the basis for his party to issue export recommendations for Freeport. From the six-month plan report, the smelter construction is targeted to reach 3.28% at the end of August. The decline in development progress was due to Freeport changing technology service providers from Mitsubishi to Outotec.
The change affects the calculation of the smelter's progress. The Ministry of Energy and Mineral Resources provides strict sanctions for companies that do not have smelter development progress. If the evaluation results per six months are less than 90% of the work plan, then the export permit for the concentrate will be revoked. While export licenses were granted for one year with two evaluations of smelter construction.
IN INDONESIA
Agustus, Freeport Targetkan Peroleh Pendanaan Smelter
PT Freeport Indonesia menargetkan bisa memperoleh pinjaman untuk proyek fasilitas pemurnian mineral (smelter) pada bulan ini. Penyelesaian pendanaan akan menjadi bagian dari penghitungan kemajuan pembangunan smelter. Juru bicara Freeport Indonesia Riza Pratama mengatakan, pendanaan smelter Freeport berasal dari sindikasi perbankan. Sebanyak 15 perbankan bersedia untuk memberi pinjaman. Hanya saja dia menyebut pinjaman perbankan itu masih dalam proses. Rencananya, pinjaman itu diperoleh pada Agustus ini.
“Pendanaan belum final,” kata Riza di Jakarta.
Riza menuturkan, kesepakatan pendanaan akan menjadi bagian dari progres pembangunan smelter. Pasalnya, pendanaan menjadi bukti nyata komitmen Freeport dalam membangun smelter di dalam negeri. Adapun smelter tersebut berlokasi di kawasan industri Java Integrated Industrial and Port Estate (JIIPE), Gresik, Jawa Timur. Kapasitas smelter mencapai 2 juta ton konsentrat tembaga dengan investasi sekitar USS 2,8 miliar.
“[Kesepakatan pendanaan] dilampirkan dalam progres smelter,” ujarnya.
Seperti diketahui, Kementerian Energi dan Sumber Daya Mineral (ESDM) mengevaluasi kemajuan smelter setiap enam bulan terhitung sejak perusahaan mengantongi surat rekomendasi ekspor. Dalam hal ini, sehingga, September nanti, pemerintah akan kembali mengevaluasi kemajuan pembangunan smelter Freeport.
Wakil Direktur Utama Freeport Orias Petrus Moedak sebelumnya menuturkan, besaran pinjaman yang diharapkan nantinya dapat membiayai seluruh proyek. Dia optimis kucuran dana tersebut bakal diperoleh pada Agustus nanti. Namun dia belum bisa memberitahukan tenor pinjaman tersebut lantaran masih disimulasikan.
“Kami tidak punya pinjaman sekarang. Balance sheet clean,” ujarnya.
Orias menambahkan, pendanaan dari lembaga perbankan ini harus mendapat persetujuan dari pemegang saham, dalam hal ini PT Inalum (Persero). Permohonan itu akan disampaikan setelah mendapatkan kepastian lembaga perbankan yang akan membiayai. Dia menyakini pemegang saham akan menyetujui lantaran dengan skema pinjaman itu tidak perlu menyuntikkan dana untuk pembiayaan smelter.
Namun dia menyebut pemegang saham tetap andil dalam pembayaran bunga pinjaman. Freeport sebenarnya sudah mulai pembangunan smelter sejak 2014 silam, namun hingga kini belum memasuki tahap konstruksi. Hal itu lantaran pemerintah baru memberi perpanjangan operasi pada akhir 2018 kemarin. Perpanjangan itu diberikan setelah melalui proses negosiasi panjang.
Kesepakatan negosiasi antara lain pemerintah memiliki 51% saham Freeport Indonesia melalui PT Inalum (Persero). Kemudian, Freeport melepas status Kontrak Karya dan beralih menjadi Izin Usah Pertambangan Khusus (IUPK). Selain itu, pembangunan smelter paling lambat lima tahun sejak IUPK terbit menjadi bagian dari kesepakatan negosiasi tersebut.
Sementara itu, Direktur Pembinaan dan Pengusahaan Mineral Kementerian ESDM Yunus Saefulhak menuturkan, kemajuan smelter Freeport pada Februari 2019 kemarin mencapai 3,86%. Progres smelter itu menjadi dasar pihaknya menerbitkan rekomendasi ekspor bagi Freeport. Dari laporan rencana per enam bulan pembangunan smelter tersebut, ditargetkan progres pada akhir Agustus mencapai 3,28%. Menurunnya progres pembangunan itu lantaran Freeport mengganti penyedia jasa teknologi dari Mitsubishi menjadi Outotec.
Perubahan itu berpengaruh pada perhitungan kemajuan smelter. Kementerian ESDM memberi sanksi tegas bagi perusahaan yang tidak memiliki progres pembangunan smelter. Bila hasil evaluasi per enam bulan kurang dari 90% dari rencana kerja, maka izin ekspor konsentratnya akan dicabut. Sementara izin ekspor diberikan selama satu tahun dengan dua kali evaluasi pembangunan smelter.
Investor Daily, Page-9, Monday, August 12, 2019.
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