Jakarta. President Joko “Jokowi” Widodo revealed on Thursday the government’s plan to increase its stake in mining giant Freeport Indonesia to 61 percent.

The Indonesian government currently holds a 51 percent stake in Freeport following years of negotiations initiated by the Jokowi government in order to get a fair deal with the gold and copper miner.

“We will be increasing our dominant stake in Freeport to 61 percent as soon as possible. This significant change will lead to a stronger economic sovereignty,” the president wrote on his official X account.

Earlier in the day, the president said a 10-point rise in the government stake will increase the dividend payout from Freeport.

“From the current revenue in Freeport, 70 percent goes to the state coffers. With a 61 percent stake in the future, [the government] will take 80 percent of Freeport’s revenue,” the president said during a visit to Ancol, North Jakarta.

He said the additional acquisition of Freeport shares is expected to be concluded in June at the latest.

“We are still in the negotiation phase while preparing the necessary regulations but I’m confident we will achieve that number,” he told reporters.

Indonesia sesegera mungkin akan naikkan lagi kepemilikan saham dominan di Freeport menjadi senilai 61%. Perubahan signifikan menuju kedaulatan ekonomi yang lebih kokoh. pic.twitter.com/S8NoknAuZi

— Joko Widodo (@jokowi) March 28, 2024