Such an intense negotiation would require a relative 1.5-year period."
Tangerang (ANTARA News) - President Joko Widodo (Jokowi) said that the negotiation with PT Freeport regarding the process of acquisition of the company`s equity was not an easy task and, in fact, has been very tough.

"It is almost 3.5 years since we have been attempting to negotiate, but it is very tough. Such an intense negotiation would require a relative 1.5-year period," the head of state noted, during the commemoration the 71st National Cooperatives Day held at ICE Hall of Bumi Serpong Damai, Tangerang, Banten Province, on Thursday.

In the last few years, the negotiation continued to be carried out without publication, he stated, adding that his side had to do that on grounds that the process was not easy.

He admitted that his side had to do it in a silent way as it was too tough.

The president also appreciated a report on the success of a holding company of mining industries, Inalum, in reaching a preliminary agreement with PT Freeport.

"The agreement has to do with an increase in Indonesia`s share to 51 percent within PT Freeport, while in the past, this largest archipelagic country only had 9.36 percent of shares," Jokowi said.

Freeport Indonesia has so far managed gold mining activity in Papua for almost 50 years, with a status as the majority share holder.

"The value is technically handled by the state enterprises ministry and energy and mineral resources ministry, the valuation of which has taken a long time," he said.

Jokowi revealed that the acquisition of Freeport constituted a big leap, with a hope that it would provide a positive impact to the country in terms of income, tax, royalty, dividend, and retribution up to the added value of mining commodity, which could be enjoyed by all people of Indonesia.

The national interest should be prioritized, including its technical division, the president explained.

In conclusion, the agreement with Freeport has been completed and settled. It is now waiting for the signing of an agreement.
(Uu.E002/INE/KR-BSR/A014)

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Editor: Priyambodo RH
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