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Indonesian minister pegs Freeport unit value at US$8B

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Indonesian minister pegs Freeport unit value at US$8B

Indonesian Energy and Mineral Resources Minister Ignasius Jonan estimated that PT Freeport Indonesia is worth US$8 billion, amid talks over the divestment of a majority stake in the Freeport-McMoRan Inc. unit, Reuters wrote Oct. 9.

Jonan unveiled the estimate during a parliament hearing, basing the valuation on the parent company's market capitalization of US$20.74 billion and that the Indonesian unit contributes up to 40% to Freeport's profits.

The minister also said the "special mining permit" given to the Freeport unit earlier this year has been extended for the next three months.

In an earlier report, Reuters wrote that Indonesian President Joko Widodo urged his government to expedite the process of finalizing a deal with Freeport over rights to the company's Grasberg copper-gold mine in the country, which is intended to replace the deal over the "special mining permit."

Freeport in August agreed to divest a 51% stake in PT Freeport Indonesia to local parties and build a smelter in return for an extension to its operating permit for the Grasberg mine.