The deadlock appears to be centred around the revaluation of the Indonesian rupiah, which took place in 1998.
The Indonesians hope to pay the equivalent of US$700 million, based on pre-revaluation of the rupiah. The Japanese, on the other hand, are holding out for a post-revaluation figure, which is estimated to be around US$140 million higher.
Currently, the government owns 41.13% of Inalum shares, but it hopes to have 100% share ownership by November of this year, enabling it to restructure the business. The Japanese currently own 58.87% of the shares.
In addition to the revaluation price issue, there's also another figure coming from Indonesia's Development Finance Controller (BPKP). Industry minister MS Hidayat says he will ask the Japanese to adjust their figure when the BPKP figure is known.
