Tag: Freeport

M&A: Freeport, Muamalat, Asuransi Adira

The Indonesian Government, through Ministry of Energy & Minerals Resources (ESDM) has finally signed the sales and purchase agreement (SPA) for a complex US$3.85 billion share purchase deal involving Freeport McMoRan, Rio Tinto and state-owned miner PT Indonesia Asahan Aluminium (Inalum). This is a follow up of the head of agreement (HoA) signed by Government and Freeport-McMoRan Inc (FCX) on August 12, 2018. The ownership divestment of Grasberg is one of the steps Freeport must take as it transfers rights to the mine from its current operating contract to special mining rights.

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Papua Election, Security Concern, and Freeport’s Future

The gubernatorial election in Papua and local elections in the two regencies in the province have been delayed over security concerns. The recent attacks from an unidentified armed group hampered the distribution of ballot papers to 29 districts in Papua. This raised the security alertness level. The local election commissions (KPUD) have not yet decided on when the voting in the two regencies shall be resumed as the Police continue to hunt down the unidentified armed group.

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Freeport Negotiation: Beyond Valuation

Minister of energy and mineral resources Ignasius Jonan has reportedly met Freeport McMoRan CEO Richard Adkerson at Four Seasons Hotel, Washington DC on Monday (Jun 25) to sort out issues surrounding Freeport Indonesia’s divestments, development of new copper smelter, and the future of Grasberg mine’s operations.

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Challenges Continue for Freeport

Three months ago PT Freeport Indonesia was sued in two different district courts. One lawsuit is related to the Company’s decision to terminate their workers’ and employees’ health insurance, and the other is related to the dispute over the rights to scrap iron waste. Not long after, a class action lawsuit followed. Here’s where we are today.

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