Saturday, 22 Muharram 1444 / 20 August 2022

Jokowi says Freeport acquisition is a historical moment

Jumat 21 Dec 2018 22:00 WIB

Rep: Dessy Suciati Saputri, Idealisa Masyrafina/ Red: Reiny Dwinanda

President Joko Widodo (center) shakes hand with CEO Freeport McMoRan Richard Adkerson after delivering his statement on the payment of PT Freeport Indonesia divestment at Merdeka Palace, Jakarta, Friday (Dec 21).

President Joko Widodo (center) shakes hand with CEO Freeport McMoRan Richard Adkerson after delivering his statement on the payment of PT Freeport Indonesia divestment at Merdeka Palace, Jakarta, Friday (Dec 21).

Foto: Antara/Wahyu Putro A
Inalum has finished payment for taking over of Freeport majority stake of 51.2 pct.

REPUBLIKA.CO.ID, JAKARTA - President Joko Widodo said the acquisition of PT Freeport Indonesia by PT Indonesia Asahan Aluminium or Inalum (Persero) has been completed. Through PT Inalum, Indonesia has paid off the stock takeover of PT Freeport which amounted of 51.2 percent.

"Recently I received reports from all the relevant ministers, from Director of PT Inalum and from the CEO and the Director of PT Freeport. They said that PT Freeport shares of 51.2 percent has turned to PT Inalum," said Jokowi at a press conference at the State Palace, Jakarta, Friday (Dec 21).

He said it was a historic moment for Indonesia since the operation of PT Freeport in Indonesia in 1973. The president confirmed that the ownership of the majority of PT Freeport shares will be used for people's prosperity.

"Later the incomes from Freeport whether from taxes, non-taxes, and royalty will be bigger. It is what we're waiting for," said Jokowi.

Meanwhile, related to environmental issues such as smelters, he said, were already completed and agreed upon. In his statement, Jokowi also underlined the share ownership for Papuans.

He explained that Papuans got a share of 10 percent of this process. With this, he hoped that Papuans could enjoy its result for regional prosperity.

"Last but not least, society in Papua will also get 10 percent from the shares. With this, Papua will also get the local tax," said Jokowi.

The acquisition of PT Freeport Indonesia was done through PT Inalum (Persero) with a value of 3.85 billion US dollars. PT Inalum also issued a global debt letter worth 4 billion US dollars to acquire 51 percent of PT Freeport shares.

Freeport Indonesia is a subsidiary of U.S. mining giant company Freeport McMoRan Copper & Gold. It has a big copper and gold mine in Grasberg, Papua.

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