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Jokowi Prepares Options to Solve Fuss in Freeport`s Contract

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25 February 2017 12:30 WIB

Freeport mine in Papua, Indonesia.

TEMPO.CO, JakartaPresident Joko Widodo (Jokowi) has prepared options to settle a fuss over a change in the status of gold and copper mining firm PT Freeport Indonesia`s contract, Coordinating Minister for Maritime Affairs Luhut Binsar Panjaitan said.

The options are in line with what the president had stated some time ago with regard to the governments stance, he said at the Coordinating Ministry for Maritime Affairs on Friday (Feb. 24).

"Let us await for a while," he said.

The governments stance is already clear that it wants Freeport to divest up to 51 percent of its shares, he said.

"Why is the Indonesian nation not allowed to hold 51 percent of its shares after nearly 50 years of operation in the country," he said.

Commenting on Freeports request to maintain tax provisions as they are in its work of contract (KK) rather than letting them change as laid down in the special mining permit (IUPK), he said the tax provisions should not be problem for Freeport.

As a matter of fact the amount of taxes continues to decline, he said.

"The amount of taxes tends to decline. So I think there will be no problem," he said.

The government is also considering tax allowance for the US mining company, he said. 

The privilege is important because the government wants to ease investment inflows, yet Freeport also has to comply with the Indonesian rules, he said.

The State Enterprises Ministry said on Thursday it is awaiting the governments directives to procure 10.64 percent of Freeport Indonesias shares.

The ministry is focusing on establishing a state-owned mining holding company to which the governments 9.36 percent stake in Freeport will be transferred, Budi Gunadi Sadikin, the special staff of the state enterprises ministry, stated at a discussion.

It was earlier reported that PT Freeport Indonesia had stopped its production activities with effect from Feb 10, 2017, following the governments decision to have greater control on raw mineral resources.

The government has proposed that the Special Mining Operations Permit (IUPK) should be used in place of the existing Contract of Work.

PT Freeport is reluctant to agree to the Indonesian governments proposal, especially since IUPK holders are obliged to divest up to 51 percent of the shares, which means they will no longer be in full control of the company.

Furthermore, Freeport is planning to sue the government in the International Court of Arbitration.

Minister of Energy and Mineral Resources Ignasius Jonan had remarked on Feb 18 that PT Freeports plan to bring up the dispute in the International Court of Arbitration is legitimate, adding that the arbitration measure is far better than raising issues on the dismissal of employees as a tool to apply pressure on the government.

"Global corporations always treat their employees as valuable assets rather than as mere tools to gain profits," Jonan remarked.

ANTARA




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