Jakarta. Indonesia is hoping to sign its divestment deal with the American miner Freeport-McMoran “soon”, according to sovereign wealth fund Danantara, although its local arm stays tight-lipped on the negotiations.

Danantara’s boss Rosan Roeslani said that Freeport was willing to raise the government’s current shares to over 63 percent. All that is left on Jakarta’s to-do list is drafting the details. While Indonesia expects to have the final document in the near future, Rosan did not confirm nor deny whether the signing would take place within this month.

“If God is willing, soon. It’s a work in progress. … I’d say everything is done, although we need to draft the details, but in principle, we have reached a deal,” Rosan told the press on the sidelines of the 2025 Investor Daily Summit in Jakarta on Wednesday. 

The fund has claimed that Indonesia managed to get the extra 12 percent stake at Freeport’s local arm at no cost. Freeport is currently launching a probe to the recent mudslide at its Grasberg mine that killed 7 workers, two of whom were foreigners. Rosan admitted that the recent tragedy was not what had caused Freeport to let go of a huge chunk of its stake, saying that the negotiations had been going on since six months ago, thus way before the incident.

Freeport Indonesia’s president director Tony Wenas refused to comment much, citing that they had not finalized the agreement.  

“I cannot give further comments besides the fact that we are still in discussions [with the government]. A deal is only final after the document has been signed,” Tony remarked on the margins of the same forum.

Asked whether the deal included a contract extension, Tony only replied: “The regulation states that an extension may be granted if we have an integrated ecosystem, including a smelter, depending on the life of mine.”

The miner has been seeking to extend its contract beyond 2041. The government currently owns 51.23 percent of Freeport Indonesia’s shares, mainly via the state-run mining holding MIND ID, which is largely owned by Danantara. Freeport-McMoran at present owns 48.77 percent of its Indonesian arm’s shares. Freeport already has a nearly $3.4 billion smelter facility in East Java’s Gresik. 

Freeport’s Grasberg mine in Papua is one of the world’s largest copper and gold sources. The company has put the mine’s operations to a temporary halt following the fatal mudslide. Mimika Regent Johannes Rettob, however, recently claimed that its operations could resume by mid-2026.