A US hedge fund is set to do battle with Indonesia’s Widjaja family in a New York courtroom on Monday in a case that echoes past clashes between foreign investors and the powerful south-east Asian business empire.
CIMIC Group subsidiary, Thiess, says it has secured a A$172 million ($121 million) contract extension from Bayan Resources to expand operations at the Melak coal mine in East Kalimantan, Indonesia.
Six foreign-controlled miners operating in Indonesia, including PT Vale Indonesia and a unit of Australia's Newcrest Mining, intend to divest some of their shares "in the near future" to meet regulations, an Indonesian official said.
Asia‐Pacific gold development company Nusantara Resources Limited (Nusantara, ASX: NUS) is pleased to advise that drilling has commenced at the Puncak Selatan near-mine prospect at its 100%-owned Awak Mas Gold Project (Project) located in South Sulawesi, Indonesia. The Puncak Selatan prospect was identified as a priority drill target given the significant surface mineralisation and its proximity to the planned Awak Mas open pit.
Macmahon has enjoyed increased activity in key projects during the six months ending December 2018, putting the company on track to gaining a billion dollar financial year revenue.
Amid the brouhaha surrounding the large land concessions managed by members of Indonesia's political elite, Coordinating Maritime Affairs Minister Luhut Pandjaitan has admitted to owning a 6,000-hectare coal mine in East Kalimantan.
Japanese trading house Sojitz Corp said on Monday in a statement it would sell its 30 percent stake in the Bara Alam Utama (BAU) thermal coal mine in South Sumatra, Indonesia, to an existing partner for an undisclosed sum.
Indonesian thermal coal prices were largely steady in a thinly traded market today, with most participants holding back as they waited for more details of a large Chinese utility tender. Chinese state-controlled power utility Huaneng closed a tender at 10:00 Beijing time (02:00 GMT) today seeking to buy 678,000t of imported coal for delivery to its coastal power plants between late March and the end of April. Price details only started to filter through to the market this afternoon.
Indonesian state miner PT Aneka Tambang (Antam) targets to start operation of its ferronickel smelter in East Halmahera in the second half of this year, with initial production target of around 5,000 tonnes of nickel in ferronickel (TNi), Finance Director Dimas Wikan Pramudhito said.
Indonesia's Trade Ministry has postponed its regulations requiring coal and palm oil exporters to use local insurers to May 31, the ministry said in an official notice.