Category: Mining

Tsingshan Steel & Freeport Indonesia

PT Freeport Indonesia (Freeport) ‘s plan to build a US$2.1 billion smelter in Gresik, East Java, was supposedly scrapped. It’s a piece of odd news given that the Directorate General of Minerals and Coal (Ditjen Minerba) of the Ministry of Energy and Mineral Resources (ESDM) previously told the press that Freeport had begun construction in Gresik, quoting 5 percent progress. We now have another piece of news: the smelter’s location has been moved to Weda Bay, Halmahera Tengah, Maluku Utara.

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An Interview with A Special Staff of the ESDM Minister on Freeport Indonesia

The Central Government’s negotiation with PT Freeport Indonesia has not yet produced a final agreement. Both sides have not agreed on the price of the to-be-divested shares, and it’s not yet clear who would be the owner of the share (whether it’s going to be a State-Owned Enterprise, or regional government). President Joko “Jokowi” Widodo had since ordered the Minister of Energy and Mineral Resources (ESDM) Ignasius Jonan to form a renegotiation team. Earlier this week, we had the chance to speak to the special staffer of Minister Jonan, Mr. Hadi Djuarait (HD) to find out the latest state of affairs on the negotiation with Freeport Indonesia

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Corporate Actions to Watch

Vale Indonesia (INCO), Indonesia’s largest nickel producer, may need to scrap its plan to build a US$500 million smelter in Bahodopi (South Sulawesi) as its strategic Chinese partner, for now, backed away from the project due to falling nickel prices. Initially both sides agreed to form a joint venture for the establishment of the smelter.

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Government to Publish A Special Regulation for Freeport?

The giant American mining company PT Freeprot Indonesia asks the Government of Indonesia to publish a special regulation in light of the Company’s change of contract type from Contract of Work to Special Mining License (IUPK). The purpose of which is supposedly to guarantee investment security. “The Government is ready to publish several new regulations to support the implementation of Law No. 4/2009 on Minerals and Coal,” said the Secretary General of the Ministry of Energy and Mineral Resources (ESDM) Teguh Pamuji yesterday (August 7). But Teguh did not specify whether the regulations he mentioned will be as Freeport Indonesia requested.

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Amman & Lay Offs

After the implementation of Government Regulation No.01/2017 on the Mining of Minerals and Coal, PT Amman Mineral Nusa Tenggara (AMNT) made adjustments. Amman obtained a mineral export license on April 2017 but they have to report on the progress of their smelter construction.

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Targeting Freeport Indonesia Shares

PT Freeport Indonesia, operator of Grasberg gold-copper mine in Papua province, has reportedly agreed to divest 20.64% shares starting next year. PT Freeport Indonesia CEO Rozik Boedioro Soetjipto hinted value for 20.64% shares could be around US$4 billion. That much?

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ITMG vs ADRO in Q3/14

Shares of Indo Tambangraya Megah (ITMG) gained 1.9% to Rp20075 on Tuesday (Nov 11) even though the coal producer reported substantial weakening in third quarter, when its net profit collapsed 59%.

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Mineral Export Ban: Pains & Gains

How has mineral export ban implemented since January 2014 affected mining companies in the country? Take a look at reports from Freeport Indonesia, Vale Indonesia, Aneka Tambang, Cita Mineral Investindo, and Central Omega Resources.

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