ASIATODAY.ID, JAKARTA – PT Freeport Indonesia (PTFI) has paid dividends to the mining holding of the Indonesian State-Owned Enterprise, MIND ID, amounting to $708.2 million throughout 2023.
Quoting the company’s financial report on the Singapore Stock Exchange (SGX), Wednesday, March 20 2024, profit sharing payments for MIND ID dropped drastically by more than 4 times compared to dividend payments throughout 2022 which reached $3.1 billion.
In accordance with the company’s shareholder agreement, MIND ID is required to deposit capital during the period 2019 to 2022 after divestment. The paid-up share contribution from the mining holding will amount to $49.9 million in 2023 and $189.3 million in 2022 and has been included in additional paid-in capital in PTFI’s consolidated financial records.
On the other hand, the drop in dividends paid last year was due to the correction in PTFI’s share price per share on the Singapore capital market throughout last year. The price per share is priced at $1,868, down sharply from the price position of $8,110 per share in 2022 trading.
As of December 2023, MIND ID holds 99.472 billion shares or the equivalent of 26.25% of the company’s total issued shares. Meanwhile, PT Indonesia Papua Metal and Mineral (IPPM), which is allocated to regional governments, holds 94.788 billion shares or the equivalent of 25%.
On the other hand, PTFI’s total consolidated net income will reach $8.43 billion in 2023 after deducting royalty fees, export duties, and so on. Total net income was relatively stable compared to the previous year’s performance at $8.42 billion.
Even though there is a significant decline in income from copper concentrate sales in 2023 at $4.35 billion or down 31.12% compared to the previous year’s position of around $6.32 billion.
Furthermore, there was also a decline in gold revenues, with a value of $2.65 billion in 2023 or down 18.3% from the previous year’s recording of $3.25 billion. (ATN)
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