World Media

Indonesia lays groundwork for local control of Freeport's Grasberg mine

Indonesia lays groundwork for local control of Freeport's Grasberg mine

Indonesia and Freeport have been in tough negotiations since past year after the government issued a new policy that requires miners to divest a 51 percent stake, relinquish arbitration rights and pay new taxes and royalties.

Indonesia and Papua have long pushed for greater control over Grasberg and the new ownership structure may ease tensions over spoils from the world's second-biggest copper mine, a focal point for local separatists.

Inalum said Friday it was grabbing a 41.64% stake in the local unit of Freeport, which increases its current ownership in it to 51%.

"The portion of the stake was to accommodate the rights of the indigenous people, which are affected by PTFI's [operation]", she told reporters on Friday.

Finance Minister Sri Mulyani Indrawati said that under the MoU, both the Papua administration and Mimika regency would jointly own a 10 percent stake out of the 51 percent of divested PTFI shares. Negotiations between the government and PTFI are still taking place.

A Freeport Indonesia spokesman, Napoleon Sawai, said last month that Jakarta values the stake at $4 billion, while the US company values it between $12 billion and $13 billion.

Palo Alto Networks Inc (PANW) EVP Sells $3494188.12 in Stock
It is positive, as 52 investors sold MU shares while 205 reduced holdings. 58 funds opened positions while 184 raised stakes. Equities research analysts predict that Palo Alto Networks, Inc . will post $2.78 earnings per share for the current year.

Budi Gunadi Sadikin, Inalum's chief executive, said the company will raise funds for the acquisition, but didn't elaborate.

Disagreement on the valuation of Grasberg may hold up a deal, analysts have said.

Coal and Minerals Director General Bambang Gatot said on Thursday the government is targeting to complete contract discussions with Freeport by June, noting that divestment issues had not been resolved yet.

Indonesia plans to acquire Rio Tinto's 40 percent participating interest in Freeport's Grasberg contract, which entitles the country to 40 percent of production above specific levels until 2021 and 40 percent of all production after 2022. Rio has held talks with Indonesia about a possible exit to the venture.

A Melbourne-based spokesman for Rio declined to comment.


  • Carolina Panthers LB Thomas Davis: 2018 to be last season

    Carolina Panthers LB Thomas Davis: 2018 to be last season

    But he also admitted this week to playing with a rib injury for much of the season. "This was a tough year for me", Davis said. Prior to the start of 2017, he signed a one-year extension to remain with the team through next season.

    NFC Divisional Playoffs: Three things to watch in Falcons v Eagles

    Atlanta has playoff experience and a loaded offense, while Nick Foles has been unimpressive in his final two games of the season . Gagnon writes Alford outplayed Desmond Trufant and Keanu Neal in the Falcons secondary Saturday against the Los Angeles Rams.
    Steve Wilks will not interview for Colts HC job

    Steve Wilks will not interview for Colts HC job

    Wilks does have a connection to the Giants, as their new general manager, Dave Gettleman, previously was GM for the Panthers. And we don't have any preconceived notion about whether it has to be an offensive or a defensive coach.
  • NZ to focus on Pakistan ODI death bowling

    NZ to focus on Pakistan ODI death bowling

    Former Pakistan global Ramiz Raja, now a cricket commentator, questioned the Pakistan team's temperament in the first two ODIs. They can do well if they concentrate on the game plan laid out by the captain and the coach".
    Spoiler: Double Champion Crowned At Tonight's Impact Wrestling Tapings

    Spoiler: Double Champion Crowned At Tonight's Impact Wrestling Tapings

    At the most recent Impact tapings, Aries turned up to defeat Eli Drake, winning the Global Championship in the process. The match will take place on Sunday, January 21st at their Carnage event and will be for the Destiny World Title.
    Celebrity Big Brother star: 'I was abducted by aliens'

    Celebrity Big Brother star: 'I was abducted by aliens'

    I love the experience ... but did I give my best show? Speaking on the show noticing Daniel's reaction, Rylan said: 'Tom. And I don't like that because I'm not an embarrassment on the outside, honestly. "I would really, really like to say".
  • Teekay Offshore Partners LP (TOO): Attractive Mover

    If we look at the Volatility of Teekay Offshore Partners LP (TOO), Week Volatility is 4.59%, whereas Month Volatility is at 4.12%. It improved, as 9 investors sold TOO shares while 21 reduced holdings. 118 funds opened positions while 525 raised stakes.

    Stock Brushing a Recent High: Approach Resources, Inc. (NASDAQ:AREX)

    Finally, Balyasny Asset Management LLC acquired a new stake in Approach Resources in the 2nd quarter valued at $910,000. The Company's business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.
    Blackrock Inc. built an about 11.29% stake in Flotek Industries, Inc. (FTK)

    Blackrock Inc. built an about 11.29% stake in Flotek Industries, Inc. (FTK)

    Seaport Global Securities upgraded Flotek Industries , Inc. (NASDAQ:RP) earned "Buy" rating by Benchmark on Monday, February 27. To measure price-variation, we found FTK's volatility during a week at 5.89% and during a month it has been found around 5.5%.
  • Incentives for Toyota-Mazda plant in Alabama

    Incentives for Toyota-Mazda plant in Alabama

    Toyota will use the plant for the next-generation Corolla, while Mazda will use it for an unnamed SUV. Kay Ivey at the ceremony. "Thank for not only investing in our great state, but in our people".
    Hong Kong, London, New York shortlisted for Aramco IPO, Toronto out

    Hong Kong, London, New York shortlisted for Aramco IPO, Toronto out

    He repeated this on Wednesday, but stressed he had received no word of any decision by authorities on foreign listing venues. The change also indicated the listing was moving ahead despite market speculation it could be delayed or totally shelved.
    Liverpool v Manchester City: Combined XI based on form and fitness

    Liverpool v Manchester City: Combined XI based on form and fitness

    The mercurial Egyptian is facing a race for fitness ahead of this contest, and his presence for the Reds can not be understated. They will be hoping that the arrival of new defender, Virgil van Dijk will help stop Pep Guardiola's irresistible frontline.