November 28, 2017 / 5:33 AM / a year ago

Indonesia's Inalum given control of state miners ahead of larger Freeport stake

JAKARTA (Reuters) - Indonesia has transferred controlling stakes in three state-run mining companies and a 9.36 percent stake in the local unit of Freeport-McMoRan Inc to a holding company under state-owned aluminum producer PT Indonesia Asahan Aluminium (Inalum).

Inalum has been nominated by the government as a holding to company as part of its plan to acquire a 41.64 percent stake in Freeport Indonesia, which would take its total stake to 51 percent.

State Owned Enterprise Minister Rini Soemarno signed a deed of transfer to Inalum for a 65 percent stake in PT Aneka Tambang Tbk (Antam), a 65.02 percent stake in PT Bukit Asam Tbk, a 65 percent stake in PT Timah Tbk and the government’s existing PT Freeport Indonesia stake, the state-owned enterprise ministry said on Tuesday.

“As a holding company, PT Inalum has a strategic task to take over the divestment of shares in PT Freeport Indonesia,” it said, adding that with the increase in assets the new holding company would be able to “absorb the acquisition value of PT Freeport Indonesia.”

Reporting by Wilda Asmarini; Writing by Fergus Jensen; editing by Richard Pullin

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