JAKARTA. After PT Freeport Indonesia announced to convert the status of contract of work to special mining license (IUPK), the government through Minister of Energy and Mineral Resources (ESDM) will arrange the scheme for the divestment of this US-based mining company. In accordance with the Government Regulation No 1/2017 on Mineral and Coal Business, Freeport has to divest 51% of its shares gradually. In the first phase, the investment involved as much as 20% of Freeport stakes. To date, Indonesia controls 9.36% of Freeport stakes. Thus, to complete the divestment of 20% of stakes, the government eyes for the divestment of 10.64% of stakes. According to Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan, President Joko Widodo has instructed to divert the 10.64% of stakes to state controlled pension funds.
Pension funds will obtain Freeport shares quota
JAKARTA. After PT Freeport Indonesia announced to convert the status of contract of work to special mining license (IUPK), the government through Minister of Energy and Mineral Resources (ESDM) will arrange the scheme for the divestment of this US-based mining company. In accordance with the Government Regulation No 1/2017 on Mineral and Coal Business, Freeport has to divest 51% of its shares gradually. In the first phase, the investment involved as much as 20% of Freeport stakes. To date, Indonesia controls 9.36% of Freeport stakes. Thus, to complete the divestment of 20% of stakes, the government eyes for the divestment of 10.64% of stakes. According to Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan, President Joko Widodo has instructed to divert the 10.64% of stakes to state controlled pension funds.