Antam wants to buy 9.36 percent stake in Freeport

State-owned gold and nickel mining company PT Aneka Tambang Tbk (Antam) has sought the approval of the State Minister of State Enterprises for its plan to buy 9.36 percent shares of PT Freeport Indonesia, which originally belong to PT Indocopper Investama, the Bisnis Indonesia newspaper reported in its Wednesday edition.

This information was disclosed by the Ministry of Finance in a written statement submitted to the House of Representatives' Commission No. XI members on Monday.

The request was submitted by the management of Aneka Tambang in its letter no. 26/0732/DAP/2005 dated January 7 2005.

If Antam realizes the purchase, Indonesian companies' ownership in the Papua-based company will increase to 18.72 percent. At present the government has 9.36 percent stake in Freeport and the Freeport McMoran Copper & Gold Corp. 81.28 percent.

?It means there will be an increased control by national companies of the Freeport and there will be a potential for the government to receive higher dividend through Aneka Tambang,? Minister of Finance Jusuf Anwar said in his written reply.(*)