Govt likely to approve Indocopper-PTFI merger within 2 weeks: Official
Wednesday, January 28 2004 - 02:07 AM WIB
The government will likely issue a letter to approve the planned merger of PT Indocopper Investama and PT Freeport Indonesia (PTFI) within two weeks, a senior official told Petromindo.Com Wednesday.
?A special team is drafting the letter, and we expect the minister (of energy and mineral resources) to sign it within two weeks,? said Geology and Mineral Resources Director General Simon F. Sembiring.
Freeport already controls 99.48 percent of Indocopper after acquiring the entire shares held by PT Nusamba Mineral Industri in Indocopper early last year.
Meanwhile, Indocopper currently holds a 9.36-percent stake in PTFI, while New Orleans-based mining giant Freeport-McMoRan Copper & Gold Inc owns 81.28 percent and the Indonesian government 9.36 percent. (Godang)