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

Published 28/11/2017, 04:26 pm
© Reuters. Indonesia's Inalum given control of state miners ahead of larger Freeport stake

JAKARTA, Nov 28 (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 FCX.N to a holding company under state-owned aluminium 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. Owned Enterprise Minister Rini Soemarno signed a deed of transfer to Inalum for a 65 percent stake in PT Aneka Tambang Tbk (Antam) ANTM.JK , a 65.02 percent stake in PT Bukit Asam Tbk PTBA.JK , a 65 percent stake in PT Timah Tbk TINS.JK 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."

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