Indonesia Freeport Mining Company (PTFI) President Director Tony Wenas stated that the process of divesting an additional 12% stake in PTFI to Indonesian parties has entered the finalization stage. He hopes the process can be expedited so the company can quickly obtain certainty about extending its Special Mining Business License (IUPK) after 2041. “Yes, it is still in the finalization phase,” Tony told Bisnis on Monday evening (December 8, 2025).

He noted that there is currently no written contract between the Indonesian government and PTFI’s parent company Freeport-McMoRan Inc (FCX) for the agreed-upon share divestment plan. He explained that the additional stake transfer to Indonesia will only occur after 2041, but emphasized that the signing or certainty regarding the divestment commitment must be confirmed now. This is because Freeport needs contract extension certainty to conduct long-term follow-up exploration, preventing mine depletion or reserve shrinkage post-exploitation. “We ho...