The Indonesia Stock Exchange is proposing to allow, for the first time, public offerings by and listings of mineral and coal exploration companies even though they have no revenue history.
Copper miner Freeport-McMoRan Inc must pay Indonesia 460 billion rupiah ($32 million) in royalties for 4,000 hectares of protected forest it used in which to deposit its tailings without a permit. Indonesia's Supreme Audit Agency (BPK) said on Wednesday. The government aims to issue a new mining permit for Grasberg – which requires the environmental permit issues to be settled – before the end of the year.
BLACKGOLD Natural Resources on Monday said the sentencing of its consultant Johanes Kotjo, who was involved in a bribery case, is not expected to have any impact on the group's financials or operations.
After two years of decline and despite growing pressure from environmentalists, coal consumption is expanding, driven by “strong” fuel burning in China and India, the latest report from the International Energy Agency (IEA) shows.
By revising Indonesian Government Regulation No. 23/2010, the Indonesian government plans to provide local coal miners more certainty by allowing an earlier submission of a request for the extension of mining concessions. Stakeholders in the mining sector argue that this would considerably strengthen the nation’s investment climate, specifically the coal mining industry, on the back of improved legal certainty.
Following the divestment deal and the 20-year contract extension, gold and copper miner PT Freeport Indonesia (PTFI) plans to focus on develop a smelter and the underground mine at its Grasberg facility in Papua.
Critics have questioned the acquisition of the world’s second-largest copper and gold mine, asking why the government did not wait until PTFI’s current contract ended in 2021 — by which time it could simply take over the mine without paying a single rupiah.
The government is also expected to make a decision in January on domestic market supply requirements for coal miners
Indonesian nickel mining group Silkroad Nickel’s subsidiary PT Teknik Alum Service has signed an offtake agreement to supply nickel ore to PT Transon Bumindo Resources (PT TBR).