Publicly listed coal miner PT Bumi Resources' (Bumi) profit fell sharply during the first half because due to the decline in coal prices on the world market. The company, part of the Bakrie group owned by entrepreneur and politician Aburizal Bakrie's family, reported a 42.79 percent year-on-year decrease in profit throughout the first six months of this year to US$80.67 million.
The development of the Belt and Road Initiative (BRI) in Indonesia received a big boost in late April after the Morowali Industrial Park (IMIP) received a new funding of US$1.22 billion from a major Chinese bank for the development of three new manufacturing plants.
State oil and gas giant Pertamina has to spend hundreds of billions of rupiah to deal with a broken well that has been spilling oil for more than a month at its Offshore North West Java (ONWJ) Block.
Three coal mines in Kalimantan operated by PT Tanito Harum have to suspend operations after the government revoked the firm’s extended contract that was supposed to be valid for the next 20 years after the contract extension was deemed against the law.
The Ombilin coal mine in Sawahlunto, West Sumatra, the “oldest coal mining town in Southeast Asia”, has been named a World Heritage site by UNESCO.
Indonesia’s coal price reference (HBA) dropped by 11.73 percent to US$71.92 per metric ton in July from $81.48 per metric ton in the previous month.
An official pledged on Thursday that authorities would enforce a ban on the export of raw ore exports by 2022 to make miners process minerals in the country.
Indonesia’s Energy and Mineral Resources Ministry has proposed revising regulations governing mining rights to include higher royalty payments and earlier applications for permit extensions.