Freeport Indonesia to sell 9.36% shares for $960m
Wednesday, March 23 2005 - 01:58 AM WIB
Gold and copper miner PT Freeport Indonesia (PTFI) has decided to put a price tag of US$960 million for a 9.36 percent stake in the company that would be sold to Indonesian investors, Bisnis Indonesia daily reported on Wednesday.
The paper quoted a source as saying that the price was made based on the current share price of Freeport-McMoRan Copper & Gold Inc.(FCX), the parent of PTFI, on the New York Stock Exchange.
The paper did not provide comments from PTFI, which operates the world's largest gold mine in Papua.
The Papua provincial administration has previously said it wants to buy the 9.36 percent PTFI shares for a price of $700 million.
Papua Governor JP Salossa reiterated on Tuesday the province's intention to acquire the stake at the above price. He said that the administration was currently awaiting approval from the Ministry of Finance over its investment plan.(*)