September 18, 2025 | 10:52 am
TEMPO.CO, Jakarta - Indonesian Minister of Energy and Mineral Resources Bahlil Lahadalia stated that he will soon meet with Freeport McMoran, the parent company of PT Freeport Indonesia (PTFI). The meeting is intended to discuss the divestment of shares in the country.
"Soon, I will meet with the management of Freeport McMoran," Bahlil said at the Ministry of Energy and Mineral Resources on Wednesday, September 17, 2025, as quoted from Antara.
Bahlil explained that, based on the government's initial negotiations, Indonesia has the potential to acquire additional shares amounting to more than 10 percent. "I'm not stating a specific figure. What's clear is that in our initial negotiations, it was 10 percent. But there is a potential for it to be more than 10 percent," he said.
Indonesia currently holds the majority shares of Freeport, through the government's ownership in PTFI via MIND ID at 51.23 percent. The remaining 48.77 percent of the shares are held by the American mining company, Freeport-McMoRan Copper & Gold Inc. (FCX).
Previously, Bahlil reported to President Prabowo Subianto regarding the possibility of increasing Indonesia's ownership in PT Freeport Indonesia beyond the initial plan of 10 percent. After meeting with the President at the Presidential Palace Complex in Jakarta last Monday, Bahlil stated that they are engaged in further negotiations regarding this matter.
"I was called by the President to inquire about the agreement, as we had initially agreed to an additional 10 percent share in Freeport. However, negotiations have developed, and Insha Allah, it could be more than that," Bahlil said earlier this week.
Furthermore, Bahlil stated that these negotiations are the government's step as part of the agreement to extend the mining operation contract. "The exact amount will be announced after the signing process."
Bahlil also emphasized to President Prabowo that the opportunity is crucial as a strategic step to strengthen the state's control over national natural resources.
The government plans to extend the mining permit contract of PT Freeport Indonesia for 20 years until 2061, surpassing the current contract, which is valid until 2041.
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