01 August 2022
It has been four years ago that the Indonesian Government acquired the majority ownership in PT Freeport Indonesia. Today Freeport has turned into one of the main contributors of dividends to the nation and initiator to the cause of energy transition.
With the riots and looting incidents in 2018 still fresh in the mind of the nation the Government made a statement to the effect it would acquisition Freeport shares after allowing the copper and gold giant the freedom to operate here for decades and being in control of majority shares.
A milestone was achieved on November 10, 2017, when President Joker Widodo (Jokowi) issued Government Regulation No. 47 /2017 concerning the Addition of State Equity Participation to the Capital Shares of PT Indonesia Asahan Aluminium (Inalum).
Seventeen days later the government signed the Transfer of Shares Agreement with
PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT TIMAH Tbk and Freeport to Inalum which at the same time marked the formation of the Mining Industry Holding Company MIND ID.
It did not take long for Inalum to issue Global Bonds to the value of US$ 4 billion (approximately IDR 60 trillion) in 2018. This became the largest corporate obligations issuance ever made in the history of the nation which was only resolved after the Government issued Government Securities to the value of US$ 4.3 billion in 2020 to handle the pandemic.
The Government decided to involve the Province of Papua and the Mimika Regency in the divestment of shares by allowing them to jointly own 10% of shares after the divestment was realized. The acquisition was completed at the end of 2018.
Having a majority ownership in Freeport entitles the Government to co-control the Grasberg mine in Papua which is the third largest gold mine in the world according to data collected by S&P Global Market Intelligence.
Freeport’s average gold production is 1.4 million troy ounces closely behind the Nevada mine’s gold production in the United States of 3.3 troy ounces and Muruntau’s and Uzbekistan’s production of 3 million troy ounces both of which are the largest gold mines in the world.
Different from the two, the Grasberg, which has been operating since the 80’s producing 53 million troy ounces of gold as mentioned above, also has future metal deposits like copper (33 billion pounds), making the Grasberg the most valuable mine in the world.
Kami menghimbau para pencari kerja untuk berhati-hati dan mewaspadai beragam modus penipuan perekrutan yang mengatasnamakan PT Freeport Indonesia. Dalam setiap proses rekrutmen dan penerimaan karyawan, PT Freeport Indonesia maupun konsultan rekruitmennya tidak memungut biaya apapun.
Untuk melihat lowongan, silakan akses melalui link berikut: ptfi e-recruitment
Untuk melihat informasi magang, silakan akses melalui link berikut: Internship Program
