Indonesia Becomes Majority Owner of Freeport Mining Company as US Withdraws - President

MOSCOW (Pakistan Point News / Sputnik - 11th October, 2022) Indonesian President Joko Widodo said on Tuesday that most of the enterprise for the exploration of minerals and gold reserves of the US company Freeport in the country is coming under state control, which will bring more benefits to its citizens.

"I recently went to Tembagapura (Indonesian province of Central Papua) to visit Freeport, and I need to highlight to my seniors and the elders that Freeport is now owned by Indonesia and is no longer a US-owned company," Widodo was quoted by the Antara news agency as saying.

Freeport operates the largest and most profitable gold mine in the world, namely the Grasberg mine in the Indonesian province of Papua.

"Earlier, we only received 9.3-percent (dividends annually), and we endured tough negotiations for three years before successfully holding a 51-percent majority share (of the company)," the president said, adding that owning a controlling stake means that most of the company's revenue, up to 70%, will be received by Indonesians and will benefit them.

Widodo also noted that currently 98% of Freeport employees are Indonesian citizens.