Freeport Agrees to Divest 20% of Its Stake to Indonesian Govt

By Editorial Team 31/05/2023
tambang terbuka PT Freeport Indonesia
Summary

The government's efforts to increase share ownership in PT Freeport Indonesia have paid off. CEO of Freeport-McMoRan Copper & Gold Inc Richard Adkerson and CEO of Freeport Indonesia Tony Wenas agreed to release another 20 percent stake in the mining company to the Indonesian government.

President Joko "Jokowi" Widodo said Freeport is willing to divest 20 percent of its shares for free. As compensation, the Indonesian government will extend Freeport Indonesia's Special Addition Business License (IUPK), which will expire in 2041. "The reward is a contract extension after 2041, until 2061," President Jokowi said Monday night.

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