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Ada Pertanyaan? Hubungi Kami ANT, M Agus Yozami, Robert Sidauruk
Following lengthy discussions and negotiations, the government has finally granted an export approval letter to PT Freeport Indonesia (“Freeport”). Represented by the Ministry of Trade, the government signed a Memorandum of Understanding (“MoU”) with Freeport to amend their current Contract of Work (Kontrak Karya). Freeport is now considered to have fulfilled all the requirements to be able export concentrated minerals and coal.
“The government has issued an export approval letter to PT Freeport for approximately 940,000 Wet Metric Ton of concentrated minerals and coal,” informed the Vice Minister of Trade, Bayu Krisnamurthi, in Jakarta on Tuesday.
The export approval letter was granted following the new royalty fees under the MoU raised for gold from 1% to 3.75%, for silver from 1% to 3%, and for copper from 3% to 4%. With these new royalty fees, Freeport’s exports are expected to contribute at least USD 3.5 billion – 5 billion to national export income.
“The national export activities for the non-oil and gas sector will be increased by USD 3.5 billion – 5 billion following the exports by Freeport,” added Mr. Krisnamurthi.
In addition to the MoU, the government also granted the export approval letter because Freeport has satisfied all the criteria to export their products. Freeport has committed to building a smelter in Indonesia and to lodging a performance bond guarantee for at least 5% of the smelter investment value.
Freeport has also agreed to allocate approximately 523,000 ton of their product to PT Smelting Gresik in an effort to fulfill its Domestic Market Obligations. Based on these considerations, Freeport may Now export 756,000 ton of concentrated mineral valued at USD 1.5 billion.
Since the mineral export ban was implemented earlier this year, USD 1.5 billion worth of un-exported mineral concentrate of PT Freeport was pilling up in the company’s warehouse. Prior to the MoU and export approval, the government insisted that PT Freeport could only export its concentrates if it was committed to building a smelter and complying with new royalty fees.
Besides the export approval granted to Freeport, the government has also issued registered exporter certificates to six mining companies which permit them to export their mineral products. Included in these companies are Freeport and PT Newmont Nusa Tenggara. However, in order to export concentrated minerals, the companies must also secure an export approval letter from the Minister of Trade.
Unlike Freeport, PT Newmont chose to sue the government at the International Centre for Settlement of Investment Disputes (ICSID) over the mineral export ban policy. In response to this lawsuit, the President has formed legal team to represent the State under Presidential Regulation No. 78 of 2014. The team consists of the Coordinating Minister for Economic Affair, the Minister of Law and Human Rights, the Attorney General, and the Head of the Investment Coordinating Board (BKPM).
(hot/kc)
ANT, M Agus Yozami, Robert Sidauruk
Following lengthy discussions and negotiations, the government has finally granted an export approval letter to PT Freeport Indonesia (“Freeport”). Represented by the Ministry of Trade, the government signed a Memorandum of Understanding (“MoU”) with Freeport to amend their current Contract of Work (Kontrak Karya). Freeport is now considered to have fulfilled all the requirements to be able export concentrated minerals and coal.
“The government has issued an export approval letter to PT Freeport for approximately 940,000 Wet Metric Ton of concentrated minerals and coal,” informed the Vice Minister of Trade, Bayu Krisnamurthi, in Jakarta on Tuesday.
The export approval letter was granted following the new royalty fees under the MoU raised for gold from 1% to 3.75%, for silver from 1% to 3%, and for copper from 3% to 4%. With these new royalty fees, Freeport’s exports are expected to contribute at least USD 3.5 billion – 5 billion to national export income.
“The national export activities for the non-oil and gas sector will be increased by USD 3.5 billion – 5 billion following the exports by Freeport,” added Mr. Krisnamurthi.
In addition to the MoU, the government also granted the export approval letter because Freeport has satisfied all the criteria to export their products. Freeport has committed to building a smelter in Indonesia and to lodging a performance bond guarantee for at least 5% of the smelter investment value.
Freeport has also agreed to allocate approximately 523,000 ton of their product to PT Smelting Gresik in an effort to fulfill its Domestic Market Obligations. Based on these considerations, Freeport may Now export 756,000 ton of concentrated mineral valued at USD 1.5 billion.
Since the mineral export ban was implemented earlier this year, USD 1.5 billion worth of un-exported mineral concentrate of PT Freeport was pilling up in the company’s warehouse. Prior to the MoU and export approval, the government insisted that PT Freeport could only export its concentrates if it was committed to building a smelter and complying with new royalty fees.
Besides the export approval granted to Freeport, the government has also issued registered exporter certificates to six mining companies which permit them to export their mineral products. Included in these companies are Freeport and PT Newmont Nusa Tenggara. However, in order to export concentrated minerals, the companies must also secure an export approval letter from the Minister of Trade.
Unlike Freeport, PT Newmont chose to sue the government at the International Centre for Settlement of Investment Disputes (ICSID) over the mineral export ban policy. In response to this lawsuit, the President has formed legal team to represent the State under Presidential Regulation No. 78 of 2014. The team consists of the Coordinating Minister for Economic Affair, the Minister of Law and Human Rights, the Attorney General, and the Head of the Investment Coordinating Board (BKPM).
(hot/kc)