Antam to name Freeport adviser

Antam to name Freeport adviser

JAKARTA: PT Aneka Tambang (Antam) said on Monday it would select a financial advisor this week to perform financial due diligence and make a recommendation on the potential purchase of a stake in PT Freeport Indonesia.

Following the due diligence, if the company proceeds with the potential investment, a financial arranger will be appointed, Antam said in a statement.

Antam said a rights issue is one of the options under consideration to help finance the potential purchase. The company did not mention the value of the stake purchase of Freeport.

Freeport McMoran Copper & Gold Inc. has an 81.28 percent stake in Freeport Indonesia. The U.S. company's wholly-owned subsidiary Indocopper Investama holds 9.36 percent and the Indonesian government has the remaining 9.36 percent.

Freeport Indonesia has been operating one of the world's largest gold and copper mines in the country's eastern province of Papua since signing a contract with the government in April 1967. -- Dow Jones