Holiday Ayo - Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia ensured that the process of extending PT Freeport Indonesia's (PTFI) contract mining activities to operate until 2061 and increasing shares by 10% so that the total shares owned by Indonesia reached 61%.

Bahlil explained this in a public lecture held at Lambung Mangkurat University, South Kalimantan, Thursday (2/5). 

On this occasion, he touched on the issue of Freeport Indonesia's business permit which will expire in 2041. 

“This is the purpose of Article 33 [of the 1945 Constitution]. If there is copper, we will build a car factory, so we will build the entire ecosystem in Indonesia. In the future, it will be green energy," said Bahli as quoted by Bisnis.com, Thursday (2/5). 

Bahlil said that the target of increasing Freeport's shares to 61% was aimed at increasing the welfare of the Indonesian people. 

With the addition of shares, it is hoped that there will be new job opportunities for the community. 

“What are we doing this for? So as to be able to create jobs and business opportunities. If we build this downstreaming in the regions, it can create opportunities. 

“Investment is like a train, there is a locomotive and there are carriages," he added. 

The General Chair of BPP HIPMI for the 2015-2019 period emphasized that the country must have a clear policy direction. 

Indonesia, according to him, is a rich country and Freeport is currently a state asset. Bahlil then said that until 2018, Freeport shares owned by Indonesia were only 9.36% before finally becoming 51.23% after share divestment in September 2018 through PT Inalum (Persero) which paid US$ 3.85 billion for part of Freeport's shares or almost IDR 60 trillion. 

Apart from that, regarding the issue of Freeport shares, Bahlil explained that currently PTFI shares are majority owned by Indonesia with a valuation value of dividends reaching IDR 300 trillion. 

“In 2008, Pak Jokowi said he would take some of the shares managed by foreigners, and that was Indonesia's wealth, both oil and Freeport. We [the Indonesian government] bought almost US$4 billion, and from that income now the 2024 dividend has almost been paid off with the income. That means Pak Jokowi made the purchasing policy not in vain, now PT Freeport's valuation has reached US$20 billion, IDR 300 trillion," he added.