March 17, 2018 2:48 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


Founded in 1972


62 21 259 1818


62 21 259 1945

Key Executives for PT Freeport Indonesia

President and Chief Operating Officer
Age: 74
Deputy President Director and Executive Vice President of External Affairs
Advisor to Executive Committee
Deputy President Director
Compensation as of Fiscal Year 2017.

PT Freeport Indonesia Key Developments

BUMN Ready To Take Majority Stake In Freeport

State-owned mining companies (BUMN) are ready to take a majority stake in PT Freeport Indonesia by the end of 2018 after the gold and copper miner agreed to divest 51% of its shares. The statement was announced by Enterprises Minister Rini Soemarno in Jakarta on August 31, 2017. "We will further discuss the divestment scheme with state- and region-owned enterprises as well as other financial institutions," she noted.

Freeport Agrees To 51% Divestment And Other Terms

PT Freeport Indonesia recently agreed to divest 51 percent of its shares and to other terms related to its contractual extension, after a long tug-of-war negotiation with the Indonesian government. Freeport Indonesia, a subsidiary of US mining giant Freeport McMoRan, also agreed to convert its contract of work (CoW) into a Special Mining License (IUPK), build a smelter within the next five years and increase its contribution to state revenues from its Grasberg mine in Papua. In return, Freeport’s contract, originally set to expire in 2021, will be extended to 2041 under the new terms. Freeport McMoRan CEO Richard Adkerson said the compromise with the government was essential for the firm because although the open mine reserves were depleting, his company had seen large potential in its underground mine.

Government Asks Freeport To Divest Stake

PT Freeport Indonesia has been asked by the Government to divest 51% of its stake. Energy and Mineral Resources Secretary General, Teguh Pamudji, stressed that the government will not back down despite Freeport wishing to reduce to 30%. Government Regulation No. 1/2017 holds that the government reserves the right to buy 51% of stake in the 10th year of operations of a company. Finance Minister Sri Mulyani said that the government will be fighting hard in the negotiation of divestment process. "We are prepared to negotiate until an agreement is reached. Thereafter, we will talk about the composition, when, who would be potential buyers and the arrangement." Freeport Indonesia spokesman, Riza Pratama, said that the company is mulling divestment through an initial public offering at the Indonesia Stock Exchange.

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