I don’t believe it works that way. My understanding is the entity that owns the mine is a particular type of company incorporated in Indonesia called a PMA, and NIC’s 80% ownership in that company is considered foreign investment, while the Wijoyo family’s 20% ownership is local investment. NIC must divest shares in that PMA company to locals in accordance with the divestiture schedule. Happy to be corrected.
Ann: 2023 Annual Results Presentation, page-58
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