Investment Minister Extends Vale Indonesia's Mining License for 20 Years

Translator

Dewi Elvia Muthiariny

Editor

Laila Afifa

Jumat, 22 Maret 2024 19:27 WIB

TEMPO.CO, Jakarta - Indonesian Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif announced that the government officially extended the work agreement with PT Vale Indonesia Tbk. (IDX: INCO) in the form of a special mining business permit (IUPK).

Arifin explained that the extended license will be valid for the next 20 years after the current contract expires in 2025. “As requested, [it will be for] approximately 20 years. MIND ID owns the biggest [share] there,” he said at the ESDM Ministry office in Central Jakarta, on Friday, March 22.

He revealed that the Investment Ministry would soon issue the official document on the IUPK based on the recommendations of the ESDM Ministry. “God willing, we will send the IUPK today as per our recommendation.”

Bayu Ayi, PT Vale Indonesia's Head of Communication, has not yet responded to Tempo's request for confirmation regarding the IUPK.

On Monday, February 26, an agreement was finally reached for the divestment of Vale Indonesia’s shares. Two of Vale Indonesia's shareholders, Vale Canada Limited (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM), agreed to divest 14 percent of their shares proportionally to MIND ID, the holding for SOEs engaged in the mining sector, for Rp3,050 per share.

NOVALI PANJI NUGROHO

Editor's Choice: MIND ID Acquires 14% Stake in Vale Indonesia; Spends US$300mn

Click here to get the latest news updates from Tempo on Google News

Related News

5 Major China-Indonesia Projects in Jokowi's Era

10 jam lalu

5 Major China-Indonesia Projects in Jokowi's Era

China and Indonesia's economic partnership is progressively deepening and entering a golden age under the leadership of Indonesian President Jokoqi.

Read More

Jokowi Aims for Indonesia to Join OECD in 3 Years

15 jam lalu

Jokowi Aims for Indonesia to Join OECD in 3 Years

The Indonesian government led by President Jokowi has set a target for the country to attain membership in the OECD within the next three years.

Read More

Gold Mine Blasting Scares Red Island Tourists in Indonesia's Banyuwangi, Local Govt Responds

21 jam lalu

Gold Mine Blasting Scares Red Island Tourists in Indonesia's Banyuwangi, Local Govt Responds

The Tujuh Bukit Gold Mine stands on 4,998 hectares of land in a production forest area. BSI has utilized 992 hectares of the area for mining operation

Read More

Jokowi Says OECD Membership Will Open Access to Investment

2 hari lalu

Jokowi Says OECD Membership Will Open Access to Investment

Indonesian President Joko Jokowi Widodo pinned hopes that Indonesia will soon be accepted as a member of the OECD.

Read More

Indonesia Invites Turkish Entrepreneurs to Invest More in the Country

3 hari lalu

Indonesia Invites Turkish Entrepreneurs to Invest More in the Country

The Coordinating Ministry for Economic Affairs invited around 150 Turkish entrepreneurs to increase investment in Indonesia.

Read More

Indonesia and Kazakhstan Commit to Finalize Negotiation on Bilateral Investment Treaty

3 hari lalu

Indonesia and Kazakhstan Commit to Finalize Negotiation on Bilateral Investment Treaty

Indonesia and Kazakhstan are committed to finalizing the Cooperation Agreement on Promotion and Mutual Protection of Investments.

Read More

Chinese National Detained Over Illegal Gold Mining Activities in Kalimantan

3 hari lalu

Chinese National Detained Over Illegal Gold Mining Activities in Kalimantan

EMR Minister and the National Police arrested a Chinese national with the initials YH for allegedly mining gold ore illegally in West Kalimantan.

Read More

Celios: Mining License for Religious Organizations Poses Economic, Environmental Risks

4 hari lalu

Celios: Mining License for Religious Organizations Poses Economic, Environmental Risks

Center of Economic & Law Studies (Celios) says several economic & environmental impacts would result from religious organizations' mining management.

Read More

Indonesia's North Kalimantan Actively Offering Maritime Investment

9 hari lalu

Indonesia's North Kalimantan Actively Offering Maritime Investment

Indonesia's North Kalimantan provincial government is actively offering investment opportunities to local and foreign investors to invest.

Read More

CIMB Niaga Partners with Principal Indonesia to Launch USD-Denominated Sharia-Based Equity Fund

9 hari lalu

CIMB Niaga Partners with Principal Indonesia to Launch USD-Denominated Sharia-Based Equity Fund

CIMB Niaga in partnership with PT Principal Asset Management or Principal Indonesia launched the Principal Islamic ASEAN Equity Syariah Mutual Fund.

Read More