TEMPO.CO, Jakarta - Freeport-McMoRan Inc (NYSE: FCX), the parent company of Freeport Indonesia, is reported to have smaller market capitalization compared to Indonesian companies.
According to Yahoo! Finance, Freeport's market cap is US$21.47 billion (Rp287 trillion). This figure is lower than Telekomunikasi Indonesia's (IDX: TLKM) Rp384.3 trillion and Bank Central Asia's (BBCA) Rp381.5 trillion.
However, compared to Indonesian listed miners, Freeport's market cap is higher. Aneka Tambang (IDX: ANTM) has a market capitalization of just Rp18.98 trillion, while Bukit Asam (IDX: PTBA) has Rp23.61 trillion.
On last week's trade closing, FCX was traded for US$14.91 per share, down 1.06 percent from the previous day's close.
Freeport's shares continue to drop after it threatened to bring the Indonesian government to arbitration if they don’t get an export license in 120 days.
Freeport McMoran CEO Richard Adkerson said that the Indonesian government has violated provisions in the 1991 Contract of Work (CoW) and broke Law No.4/2009. Adkerson said the US miner has a right to export concentrates, a right which he said was unilaterally canceled by the Indonesian Energy Ministry on January 12, 2017.
Freeport said it is currently at an impasse with the government, and plans to bring the dispute to international arbitration if no agreement is reached.
ABDUL MALIK | VINDRY FLORENTIN
