JAKARTA, iNews.id – Freeport McMoran (FCX) admitted that it was still trying to reach an agreement with the Mining BUMN Holding MIND ID related to the divestment of 10 percent additional shares of PT Freeport Indonesia (PTFI). This is one of the conditions for extending PTFI's Special Mining Business License (IUPK) which will expire in 2041.

Currently, MIND ID controls 51 percent of PTFI shares. So, if this divestment is successful, MIND ID's share ownership in PTFI will become 61 percent.

“The extension will create continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the very attractive Grasberg mineral district,” wrote Freeport Mc-Moran's Q3 2024 Financial Report, quoted by MNC Portal, Thursday (24/ 1). 10/2024).

In the report, FCX also acknowledged that PTFI has the right to apply for an IUPK after 2041 if it meets the requirements. First, the construction of a processing and conservation plant or copper smelter which has entered the operational stage.

Second, domestic ownership of at least 51 percent of PTFI shares and an agreement for additional ownership of 10 percent through MIND ID as well as a commitment to additional exploration and increasing smelter capacity, as approved by the Ministry of Energy and Mineral Resources (ESDM).



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