Director General for Mineral and Coal of the Energy and Mineral Resources Ministry Bambang Gatot stated here on Wednesday that in order to extend the permit, the government has replaced Ministerial Decree No. 413 of 2017 with Ministerial Decree No. 1872 of 2018.
The earlier IUPK for the US-based mining firm had expired on July 4.
President Joko Widodo had earlier reiterated the government`s stand on the divestment of 51 percent of shares of PT Freeport Indonesia that has explored gold resources in Papua.
Within the past decade, he noted that Indonesia only had 9.3 percent of the company`s shares.
"Now I have instructed for Indonesia to obtain 51 percent (of the shares)," he remarked.
However, the president has admitted that negotiations on the government`s ownership of Freeport`s shares are running swiftly.
"It has been a vigorous negotiation process, but it is important for us to not lose," he added.
In August of 2017, Energy and Mineral Resources Minister Ignasius Jonan, Finance Minister Sri Mulyani, and Freeport McMoran CEO Richard Adkerson had met to discuss the issue on the split of shares.
"However, details on the divestment of 51 percent of Freeport`s shares were still being negotiated by the government and Freeport," he added.
(S022/INE)
Reporter: Afut Syafril
Editor: Suharto
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