August 31, 2017 / 3:27 AM / a year ago

Indonesia "hopes" Freeport's Grasberg divestment happens at one time: SOE Minister

JAKARTA (Reuters) - Indonesia “hopes” Freeport McMoRan Inc will divest up to 51 percent of its local unit PT Freeport Indonesia (PT-FI) in one go, the country’s state-owned enterprise minister said on Thursday,

FILE PHOTO: Trucks operate in the open-pit mine of PT Freeport's Grasberg copper and gold mine complex near Timika, in the eastern region of Papua, Indonesia on September 19, 2015 in this photo taken by Antara Foto. REUTERS/Muhammad Adimaja/Antara Foto/File Photo

PT-FI is the operator of the Grasberg mine in Indonesia’s eastern province of Papua, the world’s second largest copper mine.

“In terms of the 51 percent divestment, we hope that happens at the same time,” State Owned Enterprise Minister Rini Soemarno told reporters. “The problem is if it happens in stages it will be harder for us.”

Soemarno added that Indonesia targeted to complete the acquisition of the additional 41.64 percent stake by the end of 2018, adding to the 9.36 percent stake it already holds.

Reporting by Cindy Silviana; Writing by Fergus Jensen; Editing by Christian Schmollinger

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