March 04, 2015 7:47 AM ET

Metals and Mining

Company Overview of PT Freeport Indonesia

Company Overview

PT Freeport Indonesia engages in exploration, mining, processing, and marketing of minerals, such as copper, gold, and silver worldwide. It operates the Grasberg mine in Papua, Indonesia. The company was founded in 1972 and is based in Jakarta, Indonesia. PT Freeport Indonesia operates as a subsidiary of Freeport-McMoRan Copper & Gold Inc.

Jl. H. R. Rasuna Said Kav. X-7 No. 6

Plaza 89, 5th Floor

Jakarta,  12940

Indonesia

Founded in 1972

Phone:

62 21 259 1818

Fax:

62 21 259 1945

Key Executives for PT Freeport Indonesia

President and Chief Operating Officer
Age: 71
Deputy President Director and Executive Vice President of External Affairs
Advisor to Executive Committee
Deputy President Director
Compensation as of Fiscal Year 2014.

PT Freeport Indonesia Key Developments

Indonesia Offers Stake In PT Freeport

The government of Indonesia intends to offer to private companies to buy 20.64% shares of PT Freeport Indonesia as the government’s has no sufficient funds. Sudirman Said, Minister of Energy and Mineral Resources, the divestment of Freeport shares will be discussed soon with finance ministry, ministry of industry and ministry of state-owned enterprises (SoE).

PT Freeport Indonesia Enters into Memorandum of Understanding with the Directorate General of Mineral and Coal and the Ministry of Energy and Mineral Resources

On July 25, 2014, PT Freeport Indonesia entered into a Memorandum of Understanding (MOU) with the Directorate General of Mineral and Coal and the Ministry of Energy and Mineral Resources under which the Government of Indonesia and PT-FI have agreed to negotiate an amended Contract of Work (COW), to be completed over the next six months, to address provisions related to the size of PT-FI's concession area, royalties and taxes, domestic processing and refining, divestment, local content, and continuation of operations post-2021. Execution of the MOU will enable the resumption of concentrate exports, which are expected to commence in August 2014. Effective with the signing of the MOU, PT-FI has agreed to pay export duties set in a new regulation issued by the Government of Indonesia on July 25, 2014, to provide a $115 million assurance bond to support its commitment for smelter development and to increase royalties to 4.0% for copper and 3.75% for gold from the current rates of 3.5% for copper and 1.0% for gold.

PT Freeport Indonesia Reports Production Results for the First Quarter Ended March 2014

PT Freeport Indonesia reported production results for the first quarter ended March 2014. For the quarter, the company reported that its copper production fell 36% to 140 million pounds compared to 219 million pounds in the same period last year. Gold production also fell but more slightly to 208,000 ounces of the year from 212,000 ounces year-on-year. Low production has squeezed its sales, as it only sold 109 million pounds of copper and 162,000 ounces of gold during the first quarter of the year, down by almost 45% and 15%, respectively, from the same period a year earlier. The company attributed the lower sales to lower milling rates as a result of the restrictions on concentrate exports from Indonesia, which resulted in the deferral of approximately 125 million pounds of copper and 140,000 ounces of gold in the first quarter of 2014.

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Recent Private Companies Transactions

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