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President and CEO of Freeport-McMoran Inc. (FCX) Richard Adkerson said that Indonesian profits would increase significantly after the transfer process of PT Freeport Indonesia (PTFI). "By providing investment certainty, we estimate direct gains for central government, local governments and dividends for Inalum, according to Adkerson, after signing the partnership agreement between FCX and PT Indonesia Asahan Aluminum (Inalum) in Jakarta
Inalum, FCX, on the basis of future copper prices, about $ 60 to 90 billion.Rio Tinto has signed with Inalum the Principles of Agreement relating to the sale of shares FCX and Rio Tinto's participation rights in PT Freeport Indonesia.
Inalum became owner of PT Freeport Indonesia after the sale of shares and rights of 9.36% According to the agreement, Inalum will spend 3.85 billion to buy Rio Tin PTFI's equity stake and 100% of PT Indocopper Investama's FCX shares, which owns 9.36% of PTFI's shares
"We are fully committed to making this new public- private a success, so that other investors He said that in the new structure following the PTFI divestment process, more than 70 percent of the company's profits would be earned by taxes, royalties and dividends for Inalum
. ] Adkerson is also committed to continuing and expanding the benefits received by local Papuans. "We are all committed to upholding the highest standards in a responsible manner, protecting the environment and generating maximum benefits for the Indonesian people," he said
PT Freeport Indonesia is also looking forward to this new partnership. This agreement has no impact on employee status. PTFI will continue to operate with reference to a defined work plan
. Richard Adkerson welcomes the agreement with the Indonesian government to ensure the continued operation of PT Freeport Indonesia (PTFI) in Papua. "We are proud of what we have accomplished in over 50 years of our history and look forward to the future," Adkerson said.
With this agreement, Inalum and Freeport-McMoRan, as shareholders, agreed to continue The continuous and long-term program of PTFI
Adkerson ensures the extension of the operation , which is done, by the change of the labor contract to a special mining license (IUPK) for up to 2×10 or 2041 The commitment also guarantees a continuous investment of about 6 billion US dollars for the development of underground mining, after that, for about fifteen years, PT Freeport Indonesia conducts open pit mining operations.
The extension of this operating license, according to him, will provide a gi guarantee worth billions of US dollars and providing insurance to all PTFI shareholders, employees, the Papuan community, suppliers and contractors, and all stakeholders.
Previously, Inalum, FCX and Rio Tinto signed HOAs on the sale of FCX shares and the right of Rio Tinto's stake in PTFI to Inalum.
Inalum property in PTFI after the sale of shares and rights will be 51% of 9.36%.
The terms of the agreement are in accordance with the agreement on January 12, 2018 between the Government of Indonesia, the provincial government of Papua and the government of Mimika, namely the local government, will obtain a participation of 10 % in PTFI.
Under this agreement, Inalum will spend $ 3.85 billion to purchase Rio Tinto's equity interest. PTFI and 100% of PT Indocopper Investama's FCX shares, which holds 9.36% of PTFI's shares. The parties will complete this contract of sale and purchase before the end of 2018. (ant)
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