HoA with Freeport Should be Appreciated: Jokowi
President Joko Widodo (Photo:presidential secretariat)
Jakarta: President Joko "Jokowi" Widodo has urged the public to support the head of agreement (HoA) for the divestment of 51 percent stake in PT Freeport Indonesia (PTFI).

Last week, PT Inalum signed the HoA for the sale of Freeport-McMoran's shares and Rio Tinto's participation in PTFI. Under the agreement, the state mining holding company needs $3.85 billion to buy participating right of Rio Tinto in PTFI and 100 percent shares of Freeport McMoran in PT Indocopper Investama.

"It takes a long time. It takes around 3.5 years," said Jokowi in Jakarta on Monday.

According to him, the government is ready to finalize the details of the divestment. It expects to finish the negotiations in the near future.

"If this is a progress then we are grateful," he added.

After completing the process, PT Inalum would own 51.38 percent stake in the operator of Grasberg mine. It currently only owns 9.36 percent stake in the company.


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