Jakarta - Industry Minister MS Hidayat, said the assets of PT Indonesia Asahan Aluminium (Inalum) which is a cooperation project between Indonesia and Japan since yesterday became 100% owned by Indonesia. However, the value of the new takeover will be determined via arbitration.

"With the end of the cooperation agreement and the return of all assets Inalum, pending arbitration, Inalum is owned 100% by Indonesia," Hidayat said, in the Office of the President, as quoted by Media Indonesia, Saturday (02/11).

Previously, the asset is 58% ownership of Inalum Japan through the Nippon Asahan Aluminum (NAA), and 41% in Indonesia. However, deadlines Master Agreement (MA) for the aluminum shavings Hydroelectric Project and ending on October 31, 2013.

Hidayat, who became head of the team explaining Inalum takeover was planned acquisition via transfer of shares (share transfer). However, the NAA then filed an arbitration settlement to the International Centre for Settlement of Investment Disputes. NAA pursued arbitration mechanism because there is no meeting point about the value of books Inalum until Thursday (31/10).

The Ministry of Industry retrieval option to receive information about the arbitration filed by mail NAA on Thursday afternoon.

'The letter we received was very sudden and we intend to elucidate the mechanism of transfer of the change has been agreed in the negotiations so that the preparation of the previous government of Indonesia has prepared the payment of compensation through the mechanism of transfer of shares shall be adjusted to the payment of compensation through the mechanism of transfer of asset transfer,' as stated in the press release government.

Furthermore, Hidayat said the advantages of ownership of Inalum for Indonesia is the processing can be done at home. "Imagine there is a smelter plant which has a capacity of 200 thousand tons as a producer of aluminum, while this may be the biggest. Performance was good.