Freeport has not yet paid 2002 dividend

U.S. copper and gold miner PT Freeport Indonesia (PTFI) remains unclear when to pay 2002 dividend to its shareholders because the company has not yet held general shareholders meeting for the 2002 book year, a company official told Koran Tempo daily Tuesday.

“We are not clear yet when to hold general shareholders meeting,” Siddharta Moersjid, PTFI’s communications senior manager was quoted as saying.

Siddharta refused to disclose the reason why his company had failed to hold annual general shareholders meeting last year in accordance with existing law on limited liability companies, Law No. 1/1995. The law dictates companies to hold annual shareholders meeting no later than six months after their book-year ends.

PTFI, which operates open-pit Grasberg copper and gold mine in Papua, is 81.28 percent owned by New Orleans-based cooper and gold mining giant Freeport-McMoRan Copper & Gold Inc, and 9.36 percent each by the Indonesian government and PT Indocopper Investmana which is controlled by Indonesian tycoon Mohammad Bob Hasan.

A government official, who asked not to be identified, told Koran Tempo that the government had not yet approved PTFI’s proposal to acquire entire shares of Indocopper, and that this was the reason why the company had delayed its 2002 shareholders meeting.

PTFI paid Rp38.2 billion (US$Rp8,400) in dividend to the government in 2001, the official said.

Existing laws oblige PTFI to pay to the government dividend, royalty and tax.(*)