State-Owned Enterprises Minister Rini Soemarno has said the government does not expect big revenue from gold and copper miner PT Freeport Indonesia (PTFI) in the next three years, following a US$3.85 billion divestment deal.
China’s coal imports soared in January, more than tripling from the prior month to 33.5 million tons, but there are compelling reasons to treat this outcome with caution, including weakness in benchmark Australian coal prices.
After gaining control of 51.23 percent shares of gold and copper miner PT Freeport Indonesia, the government is eyeing to gain a 20 percent stake in publicly listed nickel miner PT Vale Indonesia (INCO).
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.