REPUBLIKA.CO.ID, JAKARTA -- Minister of State-Owned Enterprises (BUMN) Erick Thohir said the addition of 10 percent stake in PT Freeport Indonesia (PTFI) is still pending the finalization of the investment plan of the mining company.

“It is still in a state of talks. Indeed Freeport itself, they will plan first how much the investment will be,” Erick said in Jakarta, Thursday (7/11/2024).

Erick said that the calculation of the investment plan should indeed be done carefully. In his opinion, what Freeport is doing is natural.

He confirmed that discussions on the divestment of Freeport would continue until an agreement was reached.

“When we have a new big number, we sit down again. This is a common thing, there is not much, it is called a business plan projection, the total investment must be calculated correctly,” he said.

Furthermore, Erick said, as a representative of the government, the Ministry of state-owned enterprises must ensure that everything goes well, especially PTFI is a subsidiary of Mind ID, a state-owned mining holding. He also hopes that these discussions can be resolved soon.

“Yeah soon, it depends on the process rather than finalizing the numbers,” Erick said.

Earlier, Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia said an additional 10 percent stake in PT Freeport Indonesia (PTFI) could potentially be acquired for free by Indonesia.

“I told you, the price is as small as possible. Even potentially for free,” Bahlil said, at the Presidential Palace in Jakarta on Thursday (31/10/2024).

As to why the additional shares could be obtained for free, Bahlil stated it was the result of lobbying done.

Currently Mind ID holds a majority stake of PTFI at 51 percent. Indonesia requested an additional 10 percent shareholding in Freeport, as a condition of the extension of PTFI's Special Mining Business Permit (IUPK).

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