Pede Adds Share Rates In Freeport, MIND ID Admits There Are Enough Funds

Rupiah (Photo: Antara)

JAKARTA - Mining Industry Holding, Mining Industry Indonesia (MIND ID) admits that it is ready to buy an additional 10 percent share of PT Freeport Indonesia (PTFI). Director of Portfolio and Business Development MIND ID Dilo Seno Widagdo said MIND ID has sufficient capacity in terms of funds to narrow additional shares.

"Look at the developments. If I was told to buy, the capacity of MIND ID would only be (the budget), we just have to see what the transition of policy government looks like," said Dilo, quoted on Wednesday, October 16.

Dilo said that the adequacy of the funds was reflected in MIND ID's profit achievement in 2023 of IDR 27 trillion. Meanwhile, until September 2024, profit for the current year has reached IDR 27 trillion. Moreover, MIND ID is also targeting to record a profit of IDR 30 trillion by the end of 2024.

"Yes, it can be seen from profit, MIND ID is equally capable, we feel like we have (budget) capacity," added Dilo.

For information, PTFI's contract share in Indonesia is 2020 to 2041 and the contract extension must be agreed on 10 years before the contract ends. The condition imposed by the government to extend the contract is to establish a smelter.

Previously, the President Director of PT Freeport Indonesia, Tony Wenas, said that until now the discussion on the extension of the IUPK was still ongoing between PTFI and the government, while the government of President Joko Widodo (Jokowi) would end on October 20.

"Still in discussion. I don't know (continued in the next government). Just ask the government!" he said in Jakarta quoted Wednesday, October 9.

However, Tony hopes that the extension of the IUPK is still in accordance with applicable regulations, one of which is adjusted to the age of mining and the number of reserves available.

"Anyway, the current government or the government will continue," Tony continued.