President Director of copper and gold miner PT Freeport Indonesia, Tony Wenas, has clarified that discussions on the government’s planned acquisition of an additional 12 percent stake in the mining company are still ongoing, despite earlier statements from the Investment Minister suggesting that the deal has been agreed upon.

Tony said that no formal agreement has been signed yet, and therefore, the negotiations cannot be considered final.

“We are still in discussions. If it has already been finalized, agreed upon, and signed, then it can be called final,” Tony told reporters at the Jakarta Convention Center (JCC) on Wednesday, October 8, 2025.

He added that talks over the extension of Freeport’s Special Mining Business License (IUPK) are also still being discussed with the government.

Earlier on Wednesday, Minister of Investment and Downstreaming who also serves as CEO of Investment Management Agency BPI Danantara, Rosan P. Roeslani, said that Indonesia had secured an additional 12 percent ownership in PT Freeport Indonesia from Freeport-McMoRan, and that the shares would be transferred free of charge.

“The result of our negotiation is that we will receive an additional 12 percent stake, free of charge meaning there will be no cost at all. The implementation details are still being finalized,” Rosan told reporters at the same venue.

He added that the negotiations had taken more than six months and were now entering the finalization stage. The government, through the Ministry of Investment and its state mining holding entities, is currently working on the technical details of the agreement.

“This negotiation has been ongoing for over six months. The agreement is basically finalized. With this development especially after recent force majeure incidents, we want to ensure stronger safety standards and maintain world-class mining operations,” Rosan said.

The planned share transfer is part of broader talks related to the extension of Freeport’s IUPK, which currently runs until 2041. The government aims to increase its control over the company while ensuring operational safety and sustainability in one of Indonesia’s most strategic mining assets.

However, Tony Wenas reiterated that until the agreement is officially signed, it would be premature to describe the divestment as finalized.

“I can only say it’s final once everything is signed and formally agreed upon,” Tony said, emphasizing that the negotiation process remains ongoing.