Jakarta, Oct. 8 -- Indonesia is close to finalizing a deal to increase its ownership in PT Freeport Indonesia to 63 percent through a 12-percent stake divestment from US-based Freeport-McMoRan, officials said Wednesday.

Investment and Downstream Minister Rosan Perkasa Roeslani said negotiations have reached a key milestone, with both sides agreeing in principle. The final phase now involves reviewing the detailed terms of the agreement.

"God willing, very soon. All key points have been agreed upon. Now we're just finalizing the details," Rosan said at the Investor Daily Summit 2025 in Jakarta.

The additional shares would raise Indonesia's ownership in Freeport Indonesia from 51 percent to 63 percent.

Rosan said operational standards a...