Freeport sells equity to subsidiaries<\/p>\n
JAKARTA (JP): PT Freeport Indonesia, a U.S.-Indonesian copper
\nmining venture, has sold its equity in a four-star hotel and
\nseveral multi-family residential properties in Irian Jaya to its
\nsubsidiaries, the company said here yesterday.<\/p>\n
Roswita Nimpuno Khaiyath, a spokeswoman for Freeport, one of
\nthe biggest mining firms in the world, said that her company sold
\nits Sheraton Inn Timika hotel to PT ALatief Freeport Hotel
\nCompany, a joint venture owned by Freeport Indonesia and ALatief
\nCorporation.<\/p>\n
ALatief Corporation, a Rp 1.2 trillion (US$571 million)
\ncompany owned by the Minister of Manpower Abdul Latief, controls
\ntwo thirds of the joint-venture and Freeport the other one third.<\/p>\n
Roswita said Freeport also sold several residential properties
\nto PT ALatief Freeport Infrastructure Company, which is also a
\njoint venture two-thirds owned by ALatief Corporation and one-
\nthird by the mining company.<\/p>\n
A reliable source at Freeport, who requested anonymity, told
\nThe Jakarta Post that the sales were carried out to enable the
\nmining company to concentrate business on its concession, which
\nhas been expanded to six million hectares since 1991. (hdj)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-sells-equity-to-subsidiaries-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}