Wednesday, March 21, 2018

1) Minister asks Freeport to help overcome plastic waste

2) Indonesia's Inalum expects to line up Freeport sale bank financing soon 

1) Minister asks Freeport to help overcome plastic waste

Timika, Papua (ANTARA News) - Maritime Affairs and Fisheries Minister Susi Pudjiastuti has asked PT Freeport Indonesia to help overcome the plastic waste in the area of Mimika District, Papua Province.

"We have a problem with plastic. I read in a book that (plastic) basket for crab cultivation can be used for about four years. Well, after four years, what can we do with it after it becomes waste," Pudjiastuti stated, while launching PT Freeport Indonesia`s corporate social responsibility (CSR) program in Timika, on Tuesday.

According to the minister, Indonesia has become the second largest contributor of plastic waste in the world after China. Therefore, after being used for crab cultivation in the community economic development program, the plastic basket should not be discarded into the sea.

"We are now throwing almost 160 million tons of plastic waste into the sea. One day, the Indonesian sea will contain more plastic than fish. This is my concern, because after traveling around Merauke, I see many canals filled with used mineral water bottles. I am sure it is the same around the villages in Mimika," she remarked.

"Maybe, in addition to this program, PT. Freeport, together with other relevant parties, can also support the environmental hygiene program; of course, plastic waste is not a matter of society," the minister added.

According to Pudjiastuti, in addition to reducing the beauty of the city, plastic waste has caused the emergence of puddles everywhere.

The plastic waste issue can become a time bomb for the Indonesian people if they do not immediately handle the waste in the gullies and waters which are filled with plastic.

"A campaign to reduce the use of plastics is also very important. Therefore, the waste from this crab farming program must not be thrown into the sea; otherwise, it becomes garbage again," she explained.

Editor: Aditia Maruli Radja


2) Indonesia's Inalum expects to line up Freeport sale bank financing soon 
MARCH 21, 2018 / 10:36 PM / UPDATED 7 HOURS AGO Reuters Staff
JAKARTA (Reuters) - Indonesia’s state mining holding company, PT Inalum, expects to reach an agreement soon on bank financing to buy a controlling stake in the local unit of Freeport McMoran Inc (FCX.N), the holding company’s chief executive said on Wednesday. 
Indonesia and Freeport have agreed in principle that the U.S. miner would divest 51 percent of its local unit with funding provided by Inalum for the purchase of the rights to the Grasberg mine in Papua, the world’s second-biggest copper mine. 
Asked about Inalum’s progress on raising finance, Budi Gunadi Sadikin told a meeting of the Jakarta Foreign Correspondents Club that banks had been lined up and there should be an agreement “very, very soon”. 
Indonesian President Joko Widodo has instructed his administration to complete negotiations by the end of April, Energy Minister Ignasius Jonan said earlier this month.
The government, through Inalum, planned to buy the stake at “a reasonable price”, including the purchase of Rio Tinto’s participating interest and converting it into shares, Jonan said. 
Rio (RIO.L) (RIO.AX) has a 40 percent interest in Freeport Indonesia’s Grasberg contract, which entitles it to a 40 percent share of all production after 2022. Rio has held talks with Indonesia about a possible exit from the venture. 
Freeport pledged to divest its majority stake to the government last August in exchange for long-term operating rights. The government currently owns a less-than-10 percent stake in Freeport Indonesia. 
Sadikin denied a report that Inalum had offered $550 million for Rio’s participating interest in the mine.

The Kontan daily, citing a source and documents, said the offer was based on a valuation calculated by Morgan Stanley, PricewaterhouseCoopers and Danareksa. 
“The price won’t be too far from the market price,” Sadikin told reporters at a separate mining event. 
“This is a negotiation, we are bargaining, but the range of the price has been set,” he said. 
In a research note issued on Feb. 13, Deutsche Bank estimated a reasonable sale outcome for Rio, given country risks, would be above $3.3 billion.

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