Outnumbered and outflanked, Freeport-McMoRan Inc. Chief Executive Officer Richard Adkerson made an about-face.
Freeport McMoran (FCX) has stated that it still controls Grasberg mine in Papua, even after the company divested 51 percent of its shares in its subsidiary, PT Freeport Indonesia, as required by Indonesian law. Freeport McMoran CEO Richard Adkerson said his company would concentrate in underground mining next year because of the depletion of reserves resulting from its open mining activities.
A recent report warns that Indonesia's coal-based electricity strategy risks wasting $76 billion over the next 25 years. The country's economic ambitions and its substantial coal reserves have encouraged developers to rely on big, centralized, coal-fired power plants.
PLN has proposed limiting coal prices by implementing a cost-based pricing policy, through which PLN will be able to buy coal under the domestic market obligation (DMO) based on the calculation of mining costs plus profit margin, while ignoring volatility in global prices.
“Total lack of interest inside the government of carrying out any form of exploration and poor infrastructure <are> the key factors holding the industry back” said Colin Singer, chairman of energy consultancy TIGA-I, who has 30 years of experience in the Indonesian oil industry.
About a dozen newly constructed nickel smelters in Indonesia have stopped operations due to a plunge in nickel prices while others are operating at a loss, an industry association executive said.
State-owned mining company PT Aneka Tambang (Antam) and Japanese chemical firm Showa Denko KK are turning their backs on each other over their chemical grade alumina (CGA) project, PT Indonesia Chemical Alumina (ICA).
Innovation and shared stories took center stage at the Queensland Mining Industry Health and Safety conference this week, with attendance the highest it has been in three years.