Indonesian president wants to wrap up talks over purchase of Freeport unit by end-April

Photo by Freeport

Indonesia’s President Joko Widodo has instructed his administration to complete negotiations over the purchase of a majority stake in Freeport-McMoRan Inc’s local unit by the end of April, a cabinet minister said on Monday.

“According to the president, it should be wrapped up before the end of April, valuation and all,” Energy Minister Ignasius Jonan told reporters.

The government, through a state-owned company, will buy the shares in PT Freeport Indonesia at “a reasonable price,” including by acquiring Rio Tinto’s participating interest in the massive Grasberg mine and converting it into shares, he said.

Freeport Indonesia and Rio Tinto were not immediately available to comment.

Freeport in January said it was edging closer to a permit deal with Indonesia for Grasberg, the world’s second-biggest copper mine, but the miner cautioned it had not struck any formal agreements.

There has been little sign of progress since last August, when Freeport promised to divest a 51-percent stake in Grasberg to the Indonesian government in exchange for long-term operating rights. The government currently owns a less-than-10 percent stake in Freeport Indonesia.

A fair price for the shares has been a key sticking point in the negotiation.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.