PT Freeport Divestment Process to be Finished Immediately

Minister of Energy and Mineral Resources Ignasius Jonan with Commander of Indonesian National Defence Forces (TNI) and Minister of Home Affairs attend Limited Cabinet Meeting at Presidential Office, Jakarta, Thursday (29/11) (Photo: Rahmat/PR)

Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan promised to complete the 51 percent divestment process of PT Freeport Indonesia’s shares immediately as expected by President Joko “Jokowi” Widodo.

“We try to finish it as soon as possible,” Jonan said to reporters after attending Limited Cabinet Meeting at Presidential Office, Jakarta, Thursday (29/11).

As reported earlier, in the Limited Meeting President Jokowi requested his Ministers to complete the divestment process of PT Freeport Indonesia before the end of 2018.

“The divestment process of PT Freeport Indonesia is a crucial step to restore the majority of ownership of very strategic natural resources back to our country to increase the welfare and prosperity of the people, especially the Papuan,” said President Jokowi.

The Minister explained that the divesting process is currently on the environmental permit process, then to be followed by administration process from Ministry of Finance and Ministry of Energy and Mineral Resources.

“The biggest issue is on state-owned aluminum firm PT Indonesia Asahan Alumnium (Inalum) that must complete the acquisition process, including payment and permits,” said Jonan, adding that after the whole process is complete, the Government will issue Special Mining Business License (IUPK) as a final document. (FID / RAH / ES)

Translated by: Estu Widyamurti
Edited by: Yuyu Mulyani