Divestasi atau pengambialihan saham mayoritas PT Freeport Indonesia (PTFI) ke Pemerintah Indonesia dilakukan melalui berbagai proses dan latar belakang hingga akhirnya bisa disepakati oleh kedua aktor utama dalam hubungan internasional tersebut. Penelitian berikut dilakukan untuk mengetahui bagaimana pemerintah Indonesia menjalankan regulasi-regulasinya untuk mengatur Multinational Corporation (MNC) dalam hal ini PTFI sebagai anak usaha Freeport McMoran Copper & Gold (FCX) asal Amerika Serikat (AS) yang beroperasi di Kabupaten Mimika, Provinsi Papua, Indonesia. Dalam penelitian ini, ditentukan poin-poin utama keberhasilan pemerintah Indonesia dalam menerapkan izin pertambangan-nya kepada PTFI melalui pergantian izin usaha sejak Kontrak Karya (KK) berlaku, kemudian diubah sebagai Izin Usaha Pertambangan Khusus (IUPK), khususnya keberhasilan Pemerintah Indonesia melakukan pengambilalihan/pelepasan saham mayoritas asing (divestasi) dari PTFI. Melalui metode pendekatan kualitatif, penelitian berikut disimpulkan berdasarkan hasil pengumpulan data dengan metode penelitian sejarah (historical research). Melalui dinamika pengaturan investasi dari proses divestasi, hubungan antara MNC melalui FCX dan negara semakin rumit menyusul kepentingan masing-masing pihak atas pertambangan konsentrat yang menghasilkan bijih tembaga, emas dan perak di Tanah Papua tersebut./The divestment or transfer of PT Freeport Indonesia (PTFI's) majority stake to the Indonesian Government was carried out through various processes and backgrounds until it was finally agreed by the two main actors in international relations. The following research was conducted to find out how the Indonesian government carries out its regulations to regulate Multinational Corporation (MNC) in this case PT Freeport Indonesia (PTFI) as a subsidiary of Freeport McMoran Copper & Gold (FCX) from the United States (US) operating in Mimika Regency, Papua Province, Indonesia. In this study, the main points of success of the Indonesian government were determined in applying its mining permit to PT Freeport Indonesia (PTFI) through a change in business permits since the Contract of Work (KK) was valid, then it was changed to a Special Mining Business License (IUPK), in particular the success. The Indonesian government took over / divested the majority of foreign shares (divestment) from PTFI. Through a qualitative approach, the following research is concluded based on the results of data collection using historical research methods and content analysis. Through the dynamics of investment arrangements from the divestment process, the relationship between MNC through FCX and the state is getting more complicated following the interests of each party in the concentrate mining that produces copper, gold and silver ores in Papua Land.