Antam to appoint advisor for Freeport share purchase

State owned mining company PT Aneka Tambang (Antam) is set to appoint a financial advisor this week to support its plan to take over the Indonesian government's 9.36 percent shares in Freeport Indonesia, Investor Daily reported on Monday.

Antam's corporate secretary Ashur Wasif said in Jakarta over the weekend that nine financial companies - six foreign and three local - had applied to become the company's financial advisor for the purchase of Freeport's shares.

"The appointment of the financial advisor will be made through a 'beauty contest' which will be carried out this week," he was quoted as saying. Wasif said that in addition to the government's shares, Atam also intended to buy Indocopper Investama's 9.36 percent stake in the Papua-based gold mining company.

At present, Freeport is jointly owned by Freeport McMoran Copper and Gold (81.28 percent), Indocopper Investama (9.36 percent) and the Indonesian government (9.36 percent). (*)