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February 06, 2016 7:37 AM ET

Metals and Mining

Company Overview of PT Freeport Indonesia

Company Overview

PT Freeport Indonesia engages in the exploration, mining, and processing of copper, gold, and silver ores in the highland areas of Mimika District, Papua Province, Indonesia. The company specializes in open-pit mining method in Grasberg, and underground mining in deep ore zone. It markets concentrates containing copper, gold, and silver worldwide. The company was founded in 1972 and is based in Jakarta, Indonesia. PT Freeport Indonesia operates as a subsidiary of Freeport-McMoRan Inc.

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

Plaza 89, Lt. 5

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: 72
Deputy President Director and Executive Vice President of External Affairs
Advisor to Executive Committee
Deputy President Director
Compensation as of Fiscal Year 2015.

PT Freeport Indonesia Key Developments

Government Seeks Stake In Freeport

Government of Indonesia is seeking to buy 10.64 percent of shares of PT Freeport Indonesia. Freeport Indonesia will have to offer 10.64 percent shares under mandatory share divestment plan. State miners Perusahaan Perseroan (Persero) PT Aneka Tambang Tbk. (JKSE:ANTM) and PT Indonesia Asahan Aluminium (Persero) will purchase ten percent of shares from Freeport Indonesia. Minister Rini Soemarno said on November 21, 2015, "We are interested to buy the shares, but the seller has yet to give us the price. Of course, we want to see the price.". He also said, "Antam and Inalum had been financially readied to buy PT-FI shares" Detik.com reported. He said "Securities house Bahana Sekuritas is fully ready to assess the nominal value of the shares to be offered by PT-FI."

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 15, 2016
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