October 9, 2017 / 9:51 AM / 9 months ago

Indonesia mining minister estimates Freeport Indonesia worth $8 billion

JAKARTA (Reuters) - Indonesia’s mining minister said on Monday he estimates the local unit of Freeport-McMoRan Inc, operator of the giant Grasberg copper mine, to be worth $8 billion, amid talks over the divestment of a majority stake in the unit.

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

The valuation was based on an assumption of Freeport’s market capitalization of $20.74 billion, and the Indonesian unit contributing “a maximum” of 40 percent to the profits of the Phoenix, Arizona-based parent company, Energy and Mineral Resources Minister Ignasius Jonan told a parliament hearing.

Jonan said a “special mining permit” that was allocated to Freeport Indonesia earlier this year had been extended for the next three months.

Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Tom Hogue

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below