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Berita Hari Ini Freeport Indonesia

  • Indonesia Objects to $1.7 Billion Asking Price for Freeport Indonesia Stake

    Indonesia Objects to $1.7 Billion Asking Price for Freeport Indonesia Stake

    There is still no agreement between Indonesia and Freeport Indonesia regarding the sale of a 10.64 percent stake in Freeport Indonesia. Indonesia's Ministry of Energy and Mineral Resources objected to the USD $1.7 billion asking price for the stake in Freeport Indonesia, the local unit of US mining giant Freeport McMoRan. Based on Indonesian Government Regulation No. 77/2014 on the Implementation of Mineral and Coal Mining Business Activities, Freeport Indonesia is required to divest a 30 percent stake (to an Indonesian party) before 2019.

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  • Indonesia May Cancel Controversial Mineral Ore Export Ban

    Indonesia May Cancel Controversial Mineral Ore Export Ban

    The Indonesian government seems to abandon or delay its policy of banning mineral ore exports from 2017 onward. In January 2014 the ban on exports of raw minerals, part of the 2009 Mining Law, came into effect. However, due to the lack of domestic processing facilities the government allowed the resumption of certain concentrate exports (such as copper concentrate) provided the miner would be committed to the construction of smelting facilities, and pay higher taxes and royalties. The export ban was highly controversial as it conflicted with existing contracts and therefore caused outrage in Indonesia's mining industry.

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  • Indonesia's 2017 Mineral Ore Export Ban to Be Reviewed

    Indonesia's 2017 Mineral Ore Export Ban to Be Reviewed

    Again there has emerged speculation that Indonesia may not fully implement its ban on exports of concentrates (partially processed metals) in 2017. This controversial ban, part of the country's 2009 Mining Law, aims to boost domestic processing facilities and reduce the country's dependence on raw commodity exports. The ban was originally implemented in January 2014. However, as there was insufficient domestic smelting capacity full implementation would imply a huge revenue loss. Therefore, concentrate exports were allowed to resume (until 2017) provided exporters pay higher taxes, royalties and provide evidence that they are committed to develop smelters.

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  • Trouble between the Government & Freeport Indonesia Resumes

    Trouble between the Government & Freeport Indonesia Resumes

    There is still the possibility that Freeport Indonesia, subsidiary of US-based natural resources company Freeport McMoRan Copper & Gold Inc, will not be allowed to continue exporting copper concentrate. The existing export permit expires on Thursday (28/01) and the Indonesian government is seemingly unwilling to renew the 6-month permit as Freeport has still not send the USD $530 million deposit for the development of a new smelter. Freeport, on the other hand, says this deposit is not in line with existing agreements.

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  • Freeport Indonesia Studies IPO on the Indonesia Stock Exchange

    Freeport Indonesia Studies IPO on the Indonesia Stock Exchange

    The recent visit of Indonesia Stock Exchange (IDX) General Director Tito Sulistio and Director of Corporate Listing Samsul Hidayat to Freeport Indonesia's Grasberg mine in Timika (Papua), signals that the subsidiary of US-based natural resources company Freeport McMoRan Copper & Gold Inc is serious about studying the possibility to divest a 10.64 percent stake through an initial public offering (IPO) on the IDX. Both Directors met Freeport Indonesia's General Director Maroef Sjamsoeddin at the world’s largest gold mine and third-largest copper mine.

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  • Mining in Indonesia: Newmont Nusa Tenggara to Resume Copper Concentrate Export

    Mining in Indonesia: Newmont Nusa Tenggara to Resume Copper Concentrate Export

    Indonesia's Ministry of Energy and Mineral Resources issued an export recommendation letter for copper and gold miner Newmont Nusa Tenggara (NNT), meaning that the company can resume copper concentrate exports for another six-month period after the previous permit expired on 22 September. Bambang Gatot, Director General for Coal and Minerals at the Energy Ministry, said NNT has met all requirements - including those related to NNT's commitment to establish domestic smelting facilities - in order to obtain the export recommendation letter.

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  • 2009 Mining Law Indonesia: No Copper Concentrate Export Extension for Newmont

    2009 Mining Law Indonesia: No Copper Concentrate Export Extension for Newmont

    As Indonesia’s Ministry of Energy and Mineral Resources declined to issue a recommendation for the extension of Newmont Nusa Tenggara’s export permit, operations at the Batu Hijau mine (an open-pit gold and copper mine located on the island of Sumbawa in the eastern part of Indonesia) have become uncertain. The six-month permit for copper concentrate exports of copper miner Newmont Nusa Tenggara, a unit of US-based Newmont Mining Corp, expired on Friday (18/09) and was not extended as the company failed to fulfill the government’s requirements regarding smelter development.

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  • Government of Indonesia plans to Allow Earlier Talks for Extension of Mining Contracts

    In an effort to improve legal certainty and the business climate in Indonesia’s mining industry, the government announced it will revise a regulation that currently limits the time to start negotiating about an extension of a mining permit to two years before the concession contract’s expiration date. Sudirman Said, Indonesian Energy and Mineral Resources Minister, said the government plans to allow extension talks to start up to ten years before contracts end.

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  • Freeport Indonesia: Copper Export Ceased & another Fatal Accident

    Freeport Indonesia: Copper Export Ceased & another Fatal Accident

    Today, Freeport Indonesia and the Indonesian government will continue negotiations regarding the miner’s request to export 575,000 tons of copper over the next six months. Freeport’s previous export permit expired on 25 July and as the local unit of US mining giant Freeport McMoRan has not yet met demands of the government it failed to get an extension for copper concentrate exports. As a result, shares of parent company Freeport McMoran Inc. tumbled 9.90 percent on the New York Stock Exchange on Friday (24/07).

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  • Mining News Update: Indonesia May Delay Full Mineral Ore Export Ban

    Mining News Update: Indonesia May Delay Full Mineral Ore Export Ban

    The Indonesian Ministry of Energy and Mineral Resources signaled that the government may (again) decide to postpone full implementation of its ban on exports of raw mineral ores and concentrates as the country still lacks sufficient smelting capacity to produce value-added mining products. Through this export ban, stipulated by the 2009 Mining Law, the Indonesian government aims to enhance revenue generation in the country’s natural resources sector by forcing miners to produce and export value-added products instead of raw materials.

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Artikel Terbaru Freeport Indonesia

  • Freeport McMoRan and Indonesia Reach Agreement on Stake, or Did They?

    Freeport McMoRan and Indonesia Reach Agreement on Stake, or Did They?

    After years of struggle and negotiations there now seems light at the end of the tunnel for the Indonesian government and US mining giant Freeport-McMoRan Inc. Both sides signed a Head of Agreement on Thursday 12 July 2018 that will give Indonesia’s state-owned mining company Indonesia Asahan Aluminum (better known as Inalum) and the local government of Papua a 51.23 percent stake in Freeport Indonesia, implying the company - the operator of the Grasberg mine, which is the world’s largest gold mine and second-largest copper mine – will come under Indonesian control.

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  • Freeport Indonesia May Resume Exports Soon but Dispute Continues

    Freeport Indonesia May Resume Exports Soon but Dispute Continues

    Reportedly, the government of Indonesia will hand Freeport Indonesia a temporary export permit for copper concentrate shipments, hence being able to bypass (for the moment) Indonesia's controversial ban on mineral ore exports. Freeport Indonesia, the local unit of US mining giant Freeport McMoRan, has been unable to export copper concentrate for the past three months, thus missing out on about USD $1 billion in revenue. Due to the drop in exports, mining activities at the Grasberg mine in Papua fell drastically, giving rise to concern about layoffs.

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  • Weak Legal Certainty; Indonesia Ranks Lowest in Mining Sector

    Weak Legal Certainty; Indonesia Ranks Lowest in Mining Sector

    The Indonesian Mining Institute (IMI) is concerned about foreign perceptions of Indonesia's mining sector. According to the Fraser Institute, a Toronto-based public policy research and educational organization, Indonesia now ranks lowest in terms of the "state of the investment climate in the mining sector across the world". A new survey, conducted by the Canadian think-tank, shows that Indonesia's recently introduced government policies (stemming from the New Mining Law) that affect the activities in the mining sector has seriously undermined foreigners' confidence in a conducive investment climate in Indonesia's mining sector.

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  • New Export Rules: Operations Freeport Indonesia in Jeopardy

    New Export Rules: Operations Freeport Indonesia in Jeopardy

    Uncertainty about the continuation of the company's copper concentrate exports could imply that Freeport Indonesia needs to terminate operations at the Grasberg mine in Papua. Currently, shipments of copper concentrate from the mine to the smelter in Gresik (East Java) have ceased, while the company's storage facilities are full to the brim. Part of workers at the Grasberg mine have been sent home as the processing plant has not been producing any concentrate since Friday (10/02).

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  • Freeport Indonesia May Pursue Initial Public Offering (IPO)

    Freeport Indonesia to Pursue Initial Public Offering (IPO)

    Chances are big that Freeport Indonesia will conduct an initial public offering (IPO) on the Indonesia Stock Exchange to comply with the divestment requirement. Freeport Indonesia, the local unit of US-based Freeport-McMoRan Copper & Gold, operates the vast Grasberg mine in Papua. This mine is the world's largest gold mine and third-largest copper mine. The Indonesian government's divestment requirement is one the demands for starting contract extension negotiations in 2019.

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  • 2009 Mining Law: Indonesia to Stick with Mineral Ore Export Ban?

    2009 Mining Law: Indonesia to Stick with Mineral Ore Export Ban?

    It remains unclear whether Indonesia will revise the export ban that is stipulated by the 2009 Mining Law (Law No. 4/2009 on Mineral and Coal Mining) and is supposed to come into effect on 12 January 2017. The 2009 Mining Law stipulates a ban on the export of unprocessed and semi-processed ores from Indonesia. The regulation aims to boost development of the nation's smelting capacity, hence becoming an exporter of materials that are positioned higher up in the value chain while curbing Indonesia's current dependence on exports of raw materials.

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  • Freeport Indonesia Requests New Copper Concentrate Export Permit

    Freeport Indonesia Requests New Copper Concentrate Export Permit

    Freeport Indonesia has requested for a recommendation from Indonesia's Ministry of Energy and Mineral Resources to obtain another six-month permit for the export of copper concentrate. The existing permit expires on 8 August 2016. Since Indonesia's ban on mineral ore exports was implemented in January 2014, Freeport Indonesia - subsidiary of US-based natural resources company Freeport McMoRan Copper & Gold Inc - has been required to obtain six-month permits in order to continue shipments of copper concentrate.

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  • Indonesia and Freeport Bargaining over 10.64% Stake

    Indonesia and Freeport Bargaining over 10.64% Stake

    The bargaining over the 10.64 percent stake in Freeport Indonesia has begun. Whereas Freeport proposed a price of USD $1.7 billion, Indonesia's Ministry of Energy and Mineral Resources says the stake is only worth USD $630 million. Due to Government Regulation No. 77/2014 on the Implementation of Mineral and Coal Mining Business Activities, Freeport Indonesia - the local unit of US mining giant Freeport McMoRan - has to divest a 30 percent stake (to an Indonesian party) gradually up to the year 2019. Currently, the central government already owns a 9.36 percent stake in Freeport Indonesia.

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  • Freeport Indonesia's Grasberg Contract Extension, Share Divestment & Investment

    Freeport Indonesia's Grasberg Contract Extension, Share Divestment & Investment

    Freeport Indonesia, the local unit of US-based energy and mining giant Freeport-McMoRan Inc, will be allowed by the Indonesian government to operate the Grasberg mine in Papua (the world’s largest gold mine and third-largest copper mine) beyond 2021 (when the existing contract expires). Sudirman Said, Indonesian Minister of Energy and Mineral Resources, told reporters that the central government has provided assurances to Freeport. However, it will require a regulatory amendment first before Freeport Indonesia can submit a proposal for extension.

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  • Regulatory Uncertainty Plagues Indonesia’s Mining Sector Again

    Regulatory Uncertainty Plagues Indonesia’s Mining Sector Again

    One of the weak points of Indonesia, one that seriously hurts the country’s investment climate as well as foreign confidence, is regulatory uncertainty. In 2009 the government of Indonesia introduced Law No. 4/2009 on Mineral and Coal Mining (New Mining Law) which caused a shock in Indonesia’s natural resources sector as it includes several new policies that make investors think twice before investing in Indonesia as the consequences of these new policies are far-reaching. However, a possible new amendment to the law causes new concern.

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