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"Pelaksanaan kewajiban divestasi saham sebesar 51% bagi pemegang izin usaha di bidang pertambangan mineral dan Batubara yang sahamnya dimiliki asing kepada Peserta Indonesia yakni Pemerintah Pusat, Pemerintah Daerah, BUMN, BUMD serta Badan Usaha swata secara berjenjang  merupakan suatu kewajiban yang harus dilaksanakan sesuai dengan Pasal 112 Undang-Undang Nomor 3 Tahun 2020 tentang perubahan atas Undang-Undang Nomor 4 Tahun 2009 tentang pertambangan Mineral dan Batubara (UU Minerba) beserta peraturan pelaksanaannya.  Tulisan ini disusun dengan menggunakan metode penelitian doktrinal. Pelaksanaan Divestasi saham juga diwajibkan bagi pemegang kontrak karya atau perjanjian karya pengusahaan pertambangan Batubara yang berlaku sebelum rezim izin berlaku sesuai dengan UU Minerba. Sebagai salah satu contoh yaitu pelaksanaan divestasi saham PT Vale Indonesia yang merupakan pemegang Kontrak Karya Tahun 1968 dan terakhir diamandemen pada Tahun 2014, yang menyebutkan bahwa Divestasi Saham PT Vale Indonesia kepada peserta Indonesia hanya sebesar 40%. Perbedaan antara keberlakuan pelaksanaan divestasi saham PT Vale Indonesia dalam kontrak karya dengan UU Minerba tentu harus dipertimbangkan beberapa asas yakni asas kebebasan berkontrak dalam kontrak karya yang telah ada sebelum UU Minerba berlaku sesuai Pasal 1338 KUH Perdata, serta asas hak menguasai negara atas sumber daya alam yang terkandung di Indonesia dikuasai oleh negara dan dimanfaatkan untuk sebesar-besarnya kemakmuran rakyat sesuai Pasal 33 ayat (3) UUD NRI 1945. Adapun ketentuan pelaksanaan divestasi saham PT Vale Indonesia dalam kontrak karya merupakan salah satu pertimbangan bagi Pemerintah untuk dapat memberikan perpanjangan Kontrak Karya menjadi IUPK Sebagai Kelanjutan Operasi Kontrak/Perjanjian, namun demikian dalam UU Minerba maupun peraturan pelaksanaannya pelaksanaan divestasi bukanlah persyaratan untuk dapat diberikannya perpanjangan kontrak menjadi IUPK Sebagai Kelanjutan Operasi Kontrak/Perjanjian.

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Implementation of the obligation to share divestment of 51% for business license holders in the mineral and coal mining sector whose shares are owned by foreigners to Indonesian Participants namely the Central Government, Regional Government, BUMN, BUMD and private business entities in stages is an obligation that must be implemented in accordance with Article 112 Law Number 3 of 2020 concerning amendments to Law Number 4 of 2009 concerning Mineral and Coal mining (UU Minerba) and its implementing regulations. This article was prepared using doctrinal research methods. Implementation of share divestment is also mandatory for holders of work contracts or coal mining business work agreements that were in effect before the permit regime came into effect in accordance with the Minerba Law. As one example, namely the implementation of the divestment of shares in PT Vale Indonesia, which is the holder of the 1968 Contract of Work and was last amended in 2014, which stated that the divestment of PT Vale Indonesia shares to Indonesian participants was only 40%. The difference between the implementation of PT Vale Indonesia's share divestment in a work contract and the Minerba Law must of course take into account several principles, namely the principle of freedom of contract in the work contract which existed before the Minerba Law came into force in accordance with Article 1338 of the Civil Code, as well as the principle of the state's right to control over natural resources. contained in Indonesia are controlled by the state and utilized for the greatest prosperity of the people in accordance with Article 33 paragraph (3) of the 1945 Constitution of the Republic of Indonesia. The provisions for implementing the divestment of PT Vale Indonesia shares in the work contract are one of the considerations for the Government to be able to grant an extension of the Work Contract to become an IUPK As a Continuation of Contract/Agreement Operations, however, in the Minerba Law and its implementing regulations, the implementation of divestment is not a requirement for a contract extension to become an IUPK as a Continuation of Contract/Agreement Operations."

"Skripsi ini membahas mengenai ketentuan kewajiban divestasi saham bagi perusahaan asing di bidang pertambangan mineral menurut UU No. 4 Tahun 2009 dan peraturan pelaksananya serta sinkronisasinya dengan hasil renegosiasi kontrak karya PT. Freeport Indonesia. Setelah melewati proses renegosiasi, pada akhirnya tercapai kesepakatan antara Pemerintah Republik Indonesia dan PT. Freeport Indonesia yang menentukan bahwa kewajiban divestasi saham PT. Freeport Indonesia adalah sebesar 30%. Dengan menggunakan jenis penelitian yuridis normatif, hasil penelitian ini menunjukkan bahwa hasil renegosiasi kontrak karya PT. Freeport tidak sinkron dengan peraturan yang berlaku pada saat itu yaitu PP No. 24 Tahun 2012, yang mengatur perusahaan asing di bidang pertambangan mineral untuk mendivestasikan sahamnya paling sedikit sebesar 51%. Setelah PP No. 24 Tahun 2012 diubah dengan PP No. 77 Tahun 2014, maka ketentuan kewajiban divestasi saham hasil renegosiasi kontrak karya PT. Freeport Indonesia dengan peraturan perundang-undangan telah sinkron.

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This thesis examines the provisions regarding share divestment obligation for foreign mineral mining company according to Law No. 4 of 2009 and its implementing regulations, and the synchronisation with the result of contract of work renegotiation of PT. Freeport Indonesia. After going through the process of renegotiation, the Government of Republic of Indonesia and PT. Freeport Indonesia eventually reached an understanding that PT. Freeport Indonesia is obliged to divest 30% of its share.

By using normative juridical research, this study shows that the result of contract of work renegotiation of PT. Freeport Indonesia is not in sync with the applicabe regulation i.e. Government Regulation No. 24 of 2012 which requires foreign mineral mining company to divest at least 51% of its share. After Government Regulation No. 24 of 2012 is amended by Governement Regulation No. 77 of 2014, the provisions regarding share divestment obligation between the result of contract of work renegotiation of PT. Freeport Indonesia and Law No. 4 of 2009 and its implementing regulations has synchronised."

"Era bare pengusahaan dan pengelolaan pertambangan khususnya mineral dan batubara pada masa sekarang dimulai dengan diterbitkannya Undang-Undang Nomor 4 tahun 2009 tentang Pertambangan Mineral dan Batubara atau biasa dikenal dengan nama UU Minerba. UU Minerba memberikan arah baru kebijakan pertambangan mineral dan batubara di Indonesia ke depannya termasuk diantaranya dalam hal pengaturan Domestic Market Obligation (DMO), kebijakan produksi mineral dan batubara, peningkatan nilai tambah pertambangan, ketentuan divestasi saham usaha pertambangan asing Berta praktik pertambangan yang baik dan benar. Tesis ini secara khusus memfokuskan kajiannya pada ketentuan divestasi wham pertambangan penanaman modal asing yang terdapat dalam UU Minerba beserta peraturan pelaksanaannya termasuk juga menganalisis kewajiban divestasi saham yang terdapat dalam Kontrak Karya PT. Freeport Indonesia yang scat ini sedang dalam tahap renegosiasi oleh Pemerintah Indonesia. Metode penelitian yang dipakai dalam penulisan tesis ini adalah penelitian deskriptif analisis karena akan mendeskripsikan dan memberikan gambaran secara sistematis, faktual dan akurat mengenai ketentuan divestasi wham usaha pertambangan asing sebagaimana diamanatkan dalam UU Minerba beserta peraturan pelaksanaannya. Sedangkan dilihat dari bentuknya merupakan penelitian evaluatif karena akan menilai dan menganalisa proses renegosiasi khususnya ketentuan divestasi saham di dalam Kontrak Karya PT. Freeport Indonesia. Dari sudut tujuan penelitian hokum maka penelitian ini merupakan penelitian hokum yuridis normatif karena sasaran penelitian ini adalah hokum atau kaedah (norm). Disamping itu penelitian ini merupakan penelitian kepustakaan, sehingga data yang digunakan adalah data sekunder, dengan penelusuran literatur-literatur Berta berbagai peraturan terkait yang dikeluarkan oleh pemerintah. Dari penelitian ini dapat disimpulkan bahwa divestasi wham pada dasarnya merupakan salah satu bentuk kewajiban yang harus dilakukan oleh penanam modal asing atau investor asing kepada pemerintah Indonesia atau warga negara Indonesia atau badan hokum Indonesia dengan tujuan untuk meningkatkan kesejahteraan masyarakat banyak karena dividen yang diterima oleh pembeli saham akan dapat dipergunakan dalam pembangunan daerah dan pengembangan masyarakat. Terkait dengan renegosiasi ketentuan divestasi wham dalam Kontrak Karya PT. Freeport Indonesia diperlukan kebijakan dan ketegasan untuk menata keistimewaan yang selama ini telah diperoleh PT. Freeport Indonesia melalui Kontrak Karyanya. Penulis menyarankan agar Pemerintah Indonesia dapat menciptakan suatu iklim penanaman modal yang dapat menarik modal asing masuk ke Indonesia dimana diperlukan suatu upaya dan terobosan dalam mengeluarkan peraturan-peraturan tentang penanaman modal asing dan kebijaksanaan pemerintah yang pada dasarnya tidak akan merugikan kepentingan nasional dan kepentingan investor.

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The new era of business and management of mining especially on mineral and coal, currently begins with the issuance of Law No. 4 of 2009 on Mineral and Coal Mining or commonly known as the Mining Law. Mining Law provide the new policy direction of mineral and coal mining in Indonesia in the future including in terms of Domestic Market Obligation (DMO), mineral and coal production policy, the increasing in value-added mining, shares divestment of foreign investment mining company and good mining practices.

This thesis specifically focuses its studies on the provision of mining shares divestment of foreign investment as set forth in the Mining Law and its implementing regulations as well as the analyzing of the divestment obligations as contained in the Contract of Work of PT. Freeport Indonesia which is currently under renegotiation by the Government of Indonesia.

The research method used in this thesis is a descriptive analysis since it will describe and illustrate a systematic, factual and accurate information on the terms of foreign mining divestment as mandated by the Mining Law and its implementing regulations. In the terms of of its forms, this research is an evaluative research as it will assess and analyze the process of renegotiation especially divestment provisions in the Contract of Work of PT. Freeport Indonesia. From the purpose of law research point of view, this research is a normative legal research since the goal of this research is legal or norm. Thus, this research is also a library research, so that the data used are the secondary data, the literature search as well as a variety of related regulations issued by the government.

The conclusion of this research is that the divestment is basically a form of obligation that must be carried out by the foreign investors or foreign investors to the Indonesian government or Indonesian citizens or Indonesian legal entities with the aim to improve the welfare of people due to the dividends that received by stock buyers will be used in local development and community development. Relating to renegotiation in the terms of shares divestment in the Contract of Work of PT. Freeport Indonesia, it needed the policy and firmness for managing the privileges that had been acquired by PT. Freeport Indonesia through its Contract of Work. The author recommends that the Government of Indonesia shall create an investment climate that can attract foreign capital into Indonesia where it will need effort and breakthrough in terms of regulations issuance of foreign investment and also government policies that basically will not prejudice the national and investors' interest."

"Tujuan Negara yaitu untuk memajukan kesejahteraan umum dan memajukan kesejahteraan sosial bagi seluruh rakyat Indonesia. Saat ini mengenai pertambangan mineral dan batubara diatur dalam Undang-Undang Nomor 4 Tahun 2009 tentang Pertambangan Mineral dan Batubara. Dewasa ini hampir di semua negara khususnya negara berkembang membutuhkan modal asing. Modal asing itu merupakan suatu hal yang semakin penting bagi pembangunan suatu negara. Sehingga kehadiran investor asing nampaknya tidak mungkin dihindari. Yang menjadi permasalahan bahwa kehadiran investor asing sangat dipengaruhi oleh kondisi internal suatu negara, seperti stabilitas ekonomi, politik negara, penegakkan hukum. Penanaman modal asing memberikan keuntungan kepada semua pihak, tidak hanya bagi investor saja, tetapi juga bagi perekonomian negara tempat modal itu ditanamkan serta bagi negara asal para investor. Dalam UU Minerba salah satu ketentuan yang dianggap cukup penting adalah mengenai kewajiban divestasi, yang diatur dalam Pasal 112. Divestasi adalah jumlah saham asing yang harus ditawarkan untuk di jual kepada peserta Indonesia.

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The Purpose of Indonesia as a state is to promote the general welfare and promote social welfare for all the people of Indonesia. Currently the mineral and coal mining regulated by Law Number 4 Year 2009 Concerning Mineral and Coal Mining. Lately in all countries, especially developing countries need foreign capital.

Foreign capital is something that is increasingly important for the development of a country. So the presence of foreign investors is can’t be avoided. The presence of foreign investors is strongly influenced by the internal conditions of a country, such as economic stability, political state, the rule of law.

Foreign investment to the benefit of all parties, not only for investors but also for the economy of the country where the capital invested as well as for the country of origin of the investor. In the Mining Law one of the important regulation is about divestment, which is provided in Article 112. Divestment is the number of foreign shares should be offered to be sold to Indonesian participants."

"ABSTRAKPenyimpangan terhadap pengaturan divestasi saham asing di perusahaan pertambangan mineral dan batu bara telah terjadi di Indonesia pada tahun-tahun sebelumnya, yang mana hal ini memberikan dampak kepada perekonomian Indonesia. Praktik yang digunakan untuk menyimpangi pengaturan tersebut tak lain dan tak bukan melalui konsep beneficial ownership yakni suatu konsep kepemilikan yang berasal dari sistem hukum common law mengenai pemisahan kepemilikan antara pemilik secara hukum legal owner dan pemilik sebenarnya beneficial owner . Skripsi ini membahas konsepsi beneficial owner, kaitan antara penguasaan tambang dengan kesejahteraan rakyat, urgensi pengaturan beneficial owner dalam kewajiban divestasi saham asing di perusahaan pertambangan mineral dan batubara, dan usulan pada pengaturan divestasi saham asing di perusahaan pertambangan mineral dan batu bara dengan menggunakan metode penelitian yuridis normatif yang mengutamkan data sekunder.

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ABSTRACTBreach on the arrangement of foreign share divestment in mineral and coal mining companies have occurred in Indonesia in previous years, which has had an impact on the Indonesian economy. The practice used to distort the arrangement is nothing but the concept of beneficial ownership that is a concept of ownership derived from the common law system of legal separation of ownership between the legal owner and the beneficial owner. This thesis discusses the conception of beneficial owner, the link between mine control and social welfare, the urgency of beneficial owner arrangement in the obligation of foreign share divestment in mineral and coal mining company, and a recomendation on foreign share divestment in mineral and coal mining company by using juridical research method normative secondary data. "

"Skripsi ini membahas tentang permasalahan mengenai kepastian hukum kewajiban divestasi perusahaan penanam modal asing kepada mitra lokal. Kepastian hukum yang merupakan salah satu faktor terpenting dalam menarik investor asing untuk masuk ke Indonesia mengalami permasalahan dari tidak diaturnya hal tersebut dalam Undang-Undang tentang Penanaman Modal yang baru. Selain itu permasalahan kepemilikan saham asing juga menjadi sorotan dengan adanya Perpres No. 36 Tahun 2010 yang menjadi dilema bagi perusahaan asing untuk melakukan divestasi kepada pemegang saham lokal.

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This thesis discusses problems concerning legal certainty regarding divestment policy for the foreign investment company to the locals while legal certainty is one of the most important factor to attract the foreign investor to invest in Indonesia is experiencing problems because it is not regulated in current Indonesian Investment Law. Moreover, the problems regarding foreign share holding is also becoming a major concern with the existence of Presidential Decree No. 36 of 2010 which create a dillema for the foreign investor to divest."

"Perawatan yang Adil dan Adil (FET) adalah prinsip yang dikenal di dunia internasional hukum investasi dan juga dikenal dalam hukum perdagangan internasional. FET adalah prinsip itu mengatur tingkat perlakuan pemerintah terhadap investasi dari investor asing. Penelitian ini akan menguraikan FET dengan kebijakan Pemerintah Indonesia yang mensyaratkan divestasi perusahaan modal asing di pertambangan mineral dan batubara menurut Undang-Undang Nomor 4 Tahun 2009 beserta peraturan turunannya. Ini Penelitian ini bertujuan untuk: (i) Menentukan pemahaman FET dan penerapan FET dalam hukum investasi; (ii) Mengetahui mekanisme divestasi saham PT perusahaan mineral dan batubara, dan; (iii) Mengakui pelanggaran terhadap prinsip FET tentang perubahan dalam pengaturan divestasi untuk pertambangan mineral dan batubara perusahaan. Metode penelitian yang digunakan adalah yuridis-normatif. Secara hukum, kewajiban divestasi harus dilihat sebagai kebijaksanaan dan kewajiban pemerintah dalam melaksanakan mandat konstitusi. Melalui FET, Pemerintah Indonesia secara konsisten menghormati dan menjaga keefektifanPrinsip FET. Untuk menjaga keseimbangan antara tujuan saham divestasi dan kewajiban untuk menjaga kepastian hukum bagi investor asing, Pemerintah Indonesia perlu menyeimbangkan kewajiban untuk mengeksploitasi alamnya sumber daya sebanyak mungkin dengan kewajiban untuk memberikan kepastian hukum untuk investor. Oleh karena itu, perubahan peraturan yang berkelanjutan akan membuka risiko a arbitrase mengklaim dasar tidak adanya kepastian hukum.

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Fair and Just Care (FET) is an internationally recognized principle investment law and also known in international trade law. FET is that principle regulates the level of government treatment of investment from foreign investors. This research will elaborate on FET with the policies of the Government of Indonesia whichrequires divestment of foreign capital companies in mineral and coal mining according to Law Number 4 of 2009 and its derivative regulations. This This study aims to: (i) Determine FET understanding and application FET in investment law; (ii) Knowing the mechanism for the divestment of shares of PT mineral and coal companies, and; (iii) Recognize violations of FET principlesabout changes in divestment arrangements for mineral and coal mining company. The research method used is juridical-normative. Legally, divestment obligations must be seen as discretion and obligation the government in carrying out the constitutional mandate. Through FET, The Indonesian government consistently respects and maintains effectiveness FET principle. To maintain a balance between stock goals divestments and obligations to maintain legal certainty for foreign investors, The Indonesian government needs to balance the obligation to exploit its nature as many resources as possible with an obligation to provide legal certainty for investor. Therefore, continuous regulation changes will open up risks a Arbitration claims the basis of the absence of legal certainty."

"Limitasi divestasi berjenjang merugikan negara sebagai pemilik tambang yang semestinya dikelola secara mandiri oleh negara sesuai dengan Pasal 33 ayat (3) UUD NRI 1945, yang mengamanatkan bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan dipergunakan untuk sebesar-besar kemakmuran rakyat, pemanfaatan produksi tambang oleh investasi asing selama 10 tahun sudah sangat menguntungkan bagi para investor asing mengingat mineral dan batubara bukanlan energi terbarukan sehingga pengelolaannya harus dilandasi dengan prinsip kehahati-hatian mengingat prioritas hasil bumi adalah rakyat yang artinya harus dikelola secara mandiri dalam pembangunan ekonomi nasional. Namun yang terjadi adalah dalam melakukan kegiatan penambangan investor asing malakukan kegiatan produksi dengan metode tambang terbuka dan tidak terintegrasi dengan pengolahan atau pemurnian atau kegiatan pengembangan, pemanfaatan, kepemilikan saham pemerintah pusat, pemerintah daerah, BUMN, BUMD, atau Badan Usaha Swasta Nasional dengan presentase berjenjang 10 tahun setelahnya dengan cara bertahap tahun kesepuluh sebesar 5% (lima persen), tahun kesebelas sebesar 10% (Sepuluh persen), tahun keduabelas sebesar 15 % (lima belas persen),tahun ketigabelas sebesar 20% (dua puluh persen), tahun keempatbelas sebesar 30 % (tiga puluh persen), tahun keenambelas sebesar 51 % (lima puluh satu persen) sejak berproduksi,sangatlah menguntungkan pemilik modal walapun saham mayoritas dimiliki negara, hal tersebut dikarenakan mineral dan batubara bukanlah energi terbarukan, sehingga dampak dari tambang diperlukan pemulihan dengan jangka waktu yang panjang. Kemudian peneliti melakukan wawancara dengan PT Worldera Internasional Indonesia menyatakan bahwa kebijakan limitasi divestasi saham yang diperpanjang menjadi 5 tahun dengan total akumulasi pengelolaan sepanjang 10 tahun memberikan dampak positid bagi bisnis tambang, serta tetap dapat memberikan pemasukan bagi koorporasi terkait dengan pengelolaan tambang dan juga memberi nilai tambah bagi negara melalui sektor perpajakan, dan pembangunan ekonomi.

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The limitation of tiered divestment is detrimental to the state as the owner of a mine which should be managed independently by the state in accordance with Article 33 paragraph (3) of the 945 Constitution of the Republic of Indonesia, which mandates that land and water and the natural resources contained therein shall be controlled by the state and used for the greatest prosperity of the people , the utilization of mining production by foreign investment for 10 years has been very profitable for foreign investors considering that minerals and coal are not renewable energy so that their management must be based on the precautionary principle considering that the priority of agricultural products is the people, which means they must be managed independently in national economic development. However, what happens is that in carrying out mining activities foreign investors carry out production activities using the open pit mining method and are not integrated with processing or refining or development activities, utilization, share ownership of the central government, regional governments, BUMN, BUMD, or National Private Business Entities with tiered percentages. 10 years after that in stages the tenth year by 5% (five percent), the eleventh year by 10% (Ten percent), the twelfth year by 15% (fifteen percent), the thirteenth year by 20% (twenty percent), the fourteenth year by 30% (thirty percent), the sixteenth year by 51% (fifty one percent) since production, it is very profitable for the owners of capital even though the majority shares are owned by the state, this is because minerals and coal are not renewable energy, so the impact of mining requires recovery by long period of time. Then the researcher conducted an interview with PT Worldera Internasional Indonesia stating that the divestment limit policy which was extended to 5 years with a total management accumulation of 10 years had a positive impact on the mining business, and could still provide income for corporations related to mine management and also provide added value. for the state through the taxation sector, and economic developmet."

"ABSTRAKDIVESTASI SAHAM PT. FREEPORT INDONESIA MELALUI MEKANISME PENAWARAN UMUM PERDANA TERBATAS PUPT Kewajiban divestasi saham sebagaimana perintah Pasal 112 Undang-undang Nomor 4 Tahun 2009 Tentang Pertambangan Mineral dan Batubara, merupakan kewajiban yang tidak terelakkan bagi badan usaha pemegang IUP dan IUPK yang sahamnya dimiliki oleh asing. Untuk melaksanakan perintahundang-undang Minerba ini dibuat aturan pelaksananya yaitu Peraturan Pemerintah Nomor 1 Tahun 2017 Tentang Perubahan Keempat Atas Peraturan Pemerintah Nomor 23 Tahun 2010 Tentang Pelaksanaan Kegiatan Usaha Pertambangan Mineral dan Batubara. Dalam pelaksanaannya hingga saat ini ketentuan divestasi sebagaimana pasal 112 menghendaki belum terlaksana sebagaimana seharusnya. Dalam beberapa kali proses negosiasi pelaksanaan divestasi saham PT. Freeport Indonesia masih belum menemukan kesepakatan. Dalam penelitian ini dianalisis secara kritis dan preskriptif terkait mekanisme divestasi yang efektif untuk saham PT. Freeport Indonesia, dan kendala mengapa belum terksananya divestasi saham sebagaimana peraturan perundang-undangan dan kontrak karya menghendaki, serta risiko hukum divestasi saham melalui mekanisme penawaran umum perdana terbatas. Adapun metode penelitian yang digunakan dalam yaitu metode penelitian yuridis normatif. Dengan pendekatan penelitian hukum yang bersifat kualitatif. Dari hasil penelitian ini bahwa divestasi saham melalui direct divestment/strategic partner tidak menemukan kesepakatan, maka dibutuhkan terobosan divestasi dengan mekanisme penawaran umum perdana terbatas di pasar modal Indonesia. Maka dibutuhkan peraturan khusus dari Otoritas Jasa Keuangan OJK terkait mekanisme, pembatasan para pihak yang berhak membeli saham, serta peran serta pemerintah. Kata Kunci : Divestasi Saham, PT. Freeport Indonesia, Penawaran Umum Perdana, Terbatas.

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ABSTRACT SHARE DIVESTMENT OF PT. FREEPORT INDONESIA THROUGH LIMITED INITIAL PUBLIC OFFERING IPO The obligation of share divestment as stipulated in Article 112 of Law Number No. 4 in 2009 concerning Mineral and Coal Mining is an inevitable obligation for business entities holding IUP and IUPK whose shares are owned by foreigners. To execute the Minerba Act, the regulation is made through the Government Regulation No. 1 in 2017 concerning Fourth Amendment of Government Regulation No. 23 in 2010 regarding Mineral and Coal Mining Business Activities.In its implementation until now, the divestment provisions as intended in Article 112 have not been implemented as it should. In several times the process of negotiating the implementation of share divestment at PT. Freeport Indonesia still has not found an agreement.In this study, it is analyzed critically and prescriptively related to effective alternative divestment mechanism for PT Freeport Indonesia, and the obstacles on why the divestment shares have not been granted as legislation and working contracts require, as well as the legal risk of shares divestment through limited Initial Public Offering IPO mechanism. The research method used in this study was normative juridical, with a qualitative approach to legal research. The result revealed that shares divestment through direct divestment strategic partner did not find an agreement, then it was needed divestment breakthrough with limited Initial Public Offering IPO mechanism in Indonesia capital market. The mechanism of Services Authority OJK is required, along with the restrictions on the parties which are entitled to purchase shares and also the government participation. Keywords Divestment of Shares, PT. Freeport Indonesia, Initial Public Offering, Limited "

"[Undang-Undang Nomor 4 Tahun 2009 merupakan undang-undang yang dapat dikatakan cukup kontroversial bagi pertambangan mineral logam, karena merubah alur industri pertambangan logam tanah air menjadi tidak hanya mencakup kegiatan pertambangan semata, akan tetapi juga diwajibkan untuk perusahaan-perusahaan pertambangan melakukan kegiatan pengolahan dan pemurnian di dalam negeri dalam kurun waktu hanya 5 (lima) tahun saja. Keterbatasan infrastruktur di daerah-daerah, ketidaktersediaan listrik, serta kompleksnya birokrasi yang melingkupi perluasan bidang usaha lintas sektor antara pertambangan (hulu) dengan pemurnian (hilir) membuat hal tersebut menjadi terlalu sulit diwujudkan, ditambah lagi dengan inkonsistensi Pemerintah yang menetapkan kewajiban divestasi saham bagi Perusahaan Pertambangan Penanaman Modal Asing, dari 20% (dua puluh persen) di tahun 2010, menjadi 51% (lima puluh satu persen) di tahun 2012. Selain kedua hal tersebut, pada tahun ketiga sejak Undang-Undang Nomor 4 Tahun 2009 diberlakukan, Pemerintah telah melarang kegiatan ekspor mineral mentah, akan tetapi mencabutnya kembali dan menetapkan ketentuan ekspor dengan tambahan birokrasi yang semakin panjang, sehingga menyebabkan investor pertambangan penanaman modal asing kehilangan waktu dan sulit dalam merealisasikan amanah Undang-Undang Nomor 4 Tahun 2009 tersebut. Penulisan ini bertujuan untuk menampilkan fakta kesulitan-kesulitan yang dialami oleh PT. X selaku perusahaan penanaman modal asing dalam bidang pertambangan mineral nikel oleh karena kebijakan pertambangan yang tidak cukup berimbang.

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Law Number 4 Year 2009 could be considered as a controversy for the metal mineral mining businesses, since it has changed the scheme of domestic metal mineral mining industry to not only contains mining but also obliged the mining companies to conduct mineral smelting and processing domestically within period of only 5 (five) years. The limitation of infrastructure facilities within the counties, unavailability of electrical source, and the complexity of bureaucracies that facilitates such cross borders industrial sectors between the mining (mainstream industries) , and the smelting and processing (downstream industries) has caused such policy too unreasonable to be accomplished, moreover the inconsistency of the Government whom has stipulated the divestment terms for the foreign investing mining company, from 20% (twenty percent) in 2010, and re-stipulated it to became 51% (fifty one) percent within 2012. Apart from those two main issues herein, by the third year since the enactment of Law Number 4 Year 2009, the Government has banned the raw mineral export activities, however revoked such laws and enacted a new regulation of raw mineral export policies with additional/ longer bureaucracy’s mechanism process, therefore it has put the foreign mining investors within difficult circumstances to actualize the mandate of the laws itself. This Thesis intends to display the problematic facts that experienced by PT. X as a foreign investing mining company in nickel mining by the insufficient fairness of mining policies.;Law Number 4 Year 2009 could be considered as a controversy for the metal mineral mining businesses, since it has changed the scheme of domestic metal mineral mining industry to not only contains mining but also obliged the mining companies to conduct mineral smelting and processing domestically within period of only 5 (five) years. The limitation of infrastructure facilities within the counties, unavailability of electrical source, and the complexity of bureaucracies that facilitates such cross borders industrial sectors between the mining (mainstream industries) , and the smelting and processing (downstream industries) has caused such policy too unreasonable to be accomplished, moreover the inconsistency of the Government whom has stipulated the divestment terms for the foreign investing mining company, from 20% (twenty percent) in 2010, and re-stipulated it to became 51% (fifty one) percent within 2012. Apart from those two main issues herein, by the third year since the enactment of Law Number 4 Year 2009, the Government has banned the raw mineral export activities, however revoked such laws and enacted a new regulation of raw mineral export policies with additional/ longer bureaucracy’s mechanism process, therefore it has put the foreign mining investors within difficult circumstances to actualize the mandate of the laws itself. This Thesis intends to display the problematic facts that experienced by PT. X as a foreign investing mining company in nickel mining by the insufficient fairness of mining policies.;Law Number 4 Year 2009 could be considered as a controversy for the metal mineral mining businesses, since it has changed the scheme of domestic metal mineral mining industry to not only contains mining but also obliged the mining companies to conduct mineral smelting and processing domestically within period of only 5 (five) years. The limitation of infrastructure facilities within the counties, unavailability of electrical source, and the complexity of bureaucracies that facilitates such cross borders industrial sectors between the mining (mainstream industries) , and the smelting and processing (downstream industries) has caused such policy too unreasonable to be accomplished, moreover the inconsistency of the Government whom has stipulated the divestment terms for the foreign investing mining company, from 20% (twenty percent) in 2010, and re-stipulated it to became 51% (fifty one) percent within 2012. Apart from those two main issues herein, by the third year since the enactment of Law Number 4 Year 2009, the Government has banned the raw mineral export activities, however revoked such laws and enacted a new regulation of raw mineral export policies with additional/ longer bureaucracy’s mechanism process, therefore it has put the foreign mining investors within difficult circumstances to actualize the mandate of the laws itself. This Thesis intends to display the problematic facts that experienced by PT. X as a foreign investing mining company in nickel mining by the insufficient fairness of mining policies., Law Number 4 Year 2009 could be considered as a controversy for the metal mineral mining businesses, since it has changed the scheme of domestic metal mineral mining industry to not only contains mining but also obliged the mining companies to conduct mineral smelting and processing domestically within period of only 5 (five) years. The limitation of infrastructure facilities within the counties, unavailability of electrical source, and the complexity of bureaucracies that facilitates such cross borders industrial sectors between the mining (mainstream industries) , and the smelting and processing (downstream industries) has caused such policy too unreasonable to be accomplished, moreover the inconsistency of the Government whom has stipulated the divestment terms for the foreign investing mining company, from 20% (twenty percent) in 2010, and re-stipulated it to became 51% (fifty one) percent within 2012. Apart from those two main issues herein, by the third year since the enactment of Law Number 4 Year 2009, the Government has banned the raw mineral export activities, however revoked such laws and enacted a new regulation of raw mineral export policies with additional/ longer bureaucracy’s mechanism process, therefore it has put the foreign mining investors within difficult circumstances to actualize the mandate of the laws itself. This Thesis intends to display the problematic facts that experienced by PT. X as a foreign investing mining company in nickel mining by the insufficient fairness of mining policies.]"