“In the near future, I will meet with Freeport McMoRan’s management,” Bahlil told reporters in Jakarta on Wednesday.
He said initial negotiations indicate that Indonesia could secure more than 10 percent additional shares, surpassing earlier expectations.
“I’m not stating the exact figure, but during early talks, the number was 10 percent. There’s potential for more than that,” he said.
Bahlil added that his office would meet with PTFI later Wednesday to continue discussions.
Earlier this week, Bahlil briefed President Prabowo Subianto on the possibility of acquiring a larger stake than originally planned.
Speaking after a meeting at the Presidential Palace on Monday, Bahlil said follow-up talks are underway.
Related news: Indonesia may increase Freeport ownership beyond 61 per cent
“The President asked for an update on the agreement. Initially, we agreed on 10 percent, but negotiations have since evolved — hopefully beyond that,” he said.
The talks are tied to Indonesia’s plans to extend PTFI’s mining license by 20 years, from its current expiration in 2041 to 2061.
Bahlil said any final figures will be announced after the agreement is signed.
President Prabowo has urged him to accelerate negotiations to finalize the deal quickly, he added.
Bahlil also noted that the valuation for the additional shares is “very cheap,” as Freeport’s book value has significantly declined.
“For more than 10 percent, the cost is very low, considering the asset’s book value is thin. But that applies through 2041,” he said.
He emphasized that increasing Indonesia’s stake is a strategic move to strengthen national control over its natural resources.
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Translator: Ahmad Muzdaffar Fauzan, Katriana
Editor: Rahmad Nasution
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