Antam appointed to buy Freeport shares

The government has officially appointed state-controlled mining firm PT Aneka Tambang Tbk (Antam) to buy the shares of gold and copper giant PT Freeport Indonesia to be sold by the latter firm as part of its mandatory divestment program, Investor Daily reported on Tuesday.

This was said by Aloysius Kiik Ro, a senior official at the Office of the State Minister of State-Owned Enterprises. He said that a Ministry of Energy and Mineral Resources team is currently in negotiation process with PT Freeport including on the price of the shares.

Freeport, which operates an underground mine, is obliged divest a total of 30 percent stake to national investors with top priority given to the central government. The company has already divested 9.36 percent shares, and is expected to divest another 10.64 percent shares this month.

Antam could not be immediately reached for comment. (*)