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UPDATE 1-Indonesia has 'no clear structure' for Freeport stake purchase yet

Published 24/11/2017, 03:58 pm
UPDATE 1-Indonesia has 'no clear structure' for Freeport stake purchase yet

* Government yet to accommodate Rio Tinto interest - dep. min.

* Holding company will acquire Indonesia's stake in mine

* Company due to be formalised "today or Monday" (Adds detail on mining holding company Inalum)

By Wilda Asmarini

JAKARTA, Nov 24 (Reuters) - Indonesia's State Owned Enterprise Ministry, tipped to oversee an acquisition of a majority stake in the local unit of Freeport-McMoRan Inc FCX.N , has "no clear structure" yet for the deal, a ministry official said on Friday.

The government needed to be "careful" as the interests of Rio Tinto RIO.L RIO.AX , which has a joint venture with Freeport in Indonesia, have not yet been accommodated in the government's plan for the acquisition, Deputy Minister for State Owned Enterprise Fajar Harry Sampurno said.

State-owned aluminium producer PT Inalum has been appointed by the government to acquire the stake, and plans to form a holding company for the purpose.

The company would group together other state-owned units including coal miner PT Bukit Asam Tbk PTBA.JK , tin miner PT Timah Tbk TINS.JK and diversified miner PT Aneka Tambang Tbk (Antam) ANTM.JK .

The holding company is expected to be formalised by the State Owned Enterprise Minister either "today or Monday", Inalum Finance Director Oggy A. Kosasih told reporters.

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