Tinjauan yuridis pelaksanaan divestasi saham pt freeport indonesia berdasarkan ketentuan hukum pertambangan di Indonesia = Juridical analysis of the implementation of share divestment of pt freeport indonesia based on Indonesia mining law

Naufal, Ditto Ahmad (2019) Tinjauan yuridis pelaksanaan divestasi saham pt freeport indonesia berdasarkan ketentuan hukum pertambangan di Indonesia = Juridical analysis of the implementation of share divestment of pt freeport indonesia based on Indonesia mining law. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

PT Freeport Indonesia (PTFI) is a mining company that operated in Papua since 1991 under the Contract of Work (CoW). In 2009, the Goverment of Indonesia issued Law No. 4 of 2009 regarding Mineral and Coal Mining (Mining Law), that required existing CoW to be converted to Izin Usaha Pertambangan Khusus (IUPK) and to divest their shares at least 51% to Indonesian nationals (the requirement of share divestment is established under the Government Regulation No. 1 of 2017 regarding fourth amendment to the Government Regulation No.23 of 2010 regarding the Implementation of Mineral and Coal Mining Business Activities). In November 2017, PTFI shares was owned 90,64% by Freeport- McMoran Inc. (FCX) which 9,36% of it were owned through PT Indocopper Investama (PTII), and the remaining 9,36% was owned by PT Indonesia Asahan Aluminium (Persero) (Inalum). PTFI in 1996 also entered into a Participation Agreement with PT Rio Tinto Indonesia (Rio Tinto) which gives Rio Tinto 40% of all production exceeding 1994 established Grasberg reserves, and a 40% option to participate in production conducted by PTFI after 2022. The purpose of this research is to analyze the implementation and the benefit of the share divestment conducted by PTFI and Inalum. In order to comply with the law, PTFI, FCX, PTII, and Inalum entered into Divestment Agreement on 27 September 2018, in which, Inalum acquired 100% of PTII Shares, and PTFI also subscribed 40% of new shares to Inalum and PTII (Inalum Group) on which the subscription price is used to buyout Rio Tinto. The Divestment Agreement, gave Inalum Group 51,236% equity shares of PTFI, 18.72% economic interest at least until 2023 and controlling shares in PTFI with FCX. It can be concluded that there are transition phase in PTFI share divestment particularly in controlling and economic interest between Inalum Group and FCX

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