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Freeport Not to Pay 2013 Dividend

28 March 2014 20:32 WIB

Truk pengangkut galian tambang di tambang emas dan tembaga PT Freeport Indonesia, 2000 .Rully Kesuma/ TEMPO

TEMPO.CO, Jakarta - US-based mining giant PT Freeport Indonesia announced it would not share its dividends for the 2013 fiscal year with all of its shareholders. Freeport spokesperson Daisy Primayanti said the company made the decision on the consent of its board of commissioners and shareholders.

“Including the Indonesian government, which was represented by the State-owned Enterprises Ministry, based on the company’s financial performance and cash availability,” she said in a press release dated Friday, March 28, 2014.

Daisy said the company’s performance in 2013 had plunged due to slumping sales of copper and gold, whose ore level was declining. Other factors were the commodities’ weakening prices in the global market and the accident at Freeport’s Big Gossan tunnel, which had hampered its mining operations.

Daisy said the company’s US$1 billion in cash was earmarked to develop its underground mining project, which would become the company’s main focus in 2017. She added the total investment value of the project reached US$15 billion.

Daisy said for the 2013 fiscal year Freeport had paid taxes and royalties to the government amounting US$500 million or equal to Rp5.6 trillion. “As the company resumes its export activities, it will be able to give significant income to the government  through taxes, royalties, and dividend payment,” she said.

The government through Law No. 4 Year 2009 has barred Freeport from exporting copper ore since January 12, 2014. Freeport will be allowed to resume exporting copper as soon as it is committed to constructing smelters in Indonesia. 

BERNADETTE CHRISTINA MUNTHE



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