Freeport to control 100 percent shares of Indocopper

Freeport Mc Moran Copper & Gold Inc will likely own 100 percent shares of publicly listed PT Indocopper Investama Corporation after buying 0.5 percent company shares still controlled by public investors, Bisnis Indonesia reported on Monday.

The newspaper quoted sources as saying Freeport had bought 50.5 percent of Indocopper shares from Indonesian company PT Nusamba Mineral Industri in February. Earlier, Freeport already controlled 49 percent shares of Indocopper.

Indocopper will hold general shareholders meeting on Wednesday, in which they are expected to approve the sale of the 0.5 percent shares to Freeport, Bisnis Indonesia said.

Indocopper is listed on Surabaya Stock Exchange.

Meanwhile, Freeport McMoran holds 90.4 percent of Freeport Indonesia which operates huge cooper and gold mines in Papua. (*)