JAKARTA. Ministry of Energy and Mineral Resources (ESDM) requires Freeport McMoran to divest 41.64% of PT Freeport Indonesia’s stakes in this year. The government wants the divestment will be settled this year so that Indonesia can control 51% of Freeport shares in this year. The divestment refers to the Government Regulation No 1/2017 on Mineral and Coal Business (Minerba). To date, Indonesia has controlled 9.36% of Freeport shares. Hence, Freeport has to release 41.64% more of its stakes. Article 97 paragraph 7 Government Regulation No 1/2017 stipulates that a mining company is subject to offer shares divestment as much as 51% in five years after production period. Vice Minister of ESDM Arcandra Tahar said that Freeport has been producing in more than 10 years so that the divestment has to be settled this year.
Freeport has to settle divestment this year
JAKARTA. Ministry of Energy and Mineral Resources (ESDM) requires Freeport McMoran to divest 41.64% of PT Freeport Indonesia’s stakes in this year. The government wants the divestment will be settled this year so that Indonesia can control 51% of Freeport shares in this year. The divestment refers to the Government Regulation No 1/2017 on Mineral and Coal Business (Minerba). To date, Indonesia has controlled 9.36% of Freeport shares. Hence, Freeport has to release 41.64% more of its stakes. Article 97 paragraph 7 Government Regulation No 1/2017 stipulates that a mining company is subject to offer shares divestment as much as 51% in five years after production period. Vice Minister of ESDM Arcandra Tahar said that Freeport has been producing in more than 10 years so that the divestment has to be settled this year.