JAKARTA : Indonesia's investment minister said on Wednesday that copper miner Freeport Indonesia must agree to sell an additional 10 per cent stake to the government, as negotiations get underway for the U.S. company to extend its permit to operate in the country.Bahlil Lahadalia said the government will
JAKARTA : Indonesia's investment minister said on Wednesday that copper miner Freeport Indonesia must agree to sell an additional 10 per cent stake to the government, as negotiations get underway for the U.S. company to extend its permit to operate in the country.
"We ask for Freeport's 10 per cent divestment through a state company for as cheap as possible. I'm not asking to see the valuation," he said in an interview, adding that Freeport must agree to this requirement to be able to extend its mining permit which currently runs to 2041. He added Freeport will also be required to build a smelter in Papua in addition to the $3 billion project it is building in East Java. Partnership with Papuan businesses and meeting environmental standards would also be part of negotiations, Bahlil added.
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