"If asked whether we have plans to buy shares such as those of Newmont, we will say yes and the most immediate one is likely PT Inalum whose contract will expire in 2013," PIP Head Soritaon Siregar said here over the weekend.
He said that the government`s involvement in Inalum through PIP was part of its evaluation of the work contract of the company which was doing business in the aluminum extraction industry.
The PIP head said that after the acquisition the government would call a tender for the firm and open it for local bidders.
"After the acquisition, if there interested local companies, we will call a tender for it. But we will acquire all of its stake in the first place in 2013," he said.
Inalum is an Indonesia-Japan joint venture firm. Indonesia at present owns 41.13 percent of its shares and the remaining 58.87 percent belong to Nippon Asahan Aluminum (NAA).
Some 50 percent of NAA shares are owned by the Japan Bank for International Cooperation (JBIC) which represents the Japanese government and 50 percent others belong to 12 Japanese firms.
The project began operating on January 6, 1976 based on a master of agreement signed on July 7, 1975 and would expire in 2013.
Now, Inalum has a production capacity of 230,000 - 240,000 tons per annum.
(Uu.A014/H-NG/F001)
Editor: Priyambodo RH
Copyright © ANTARA 2011
