The agreement will see Macmahon assist AMNT to evaluate options to accelerate production from its Batu Hijau copper and gold mine on Sumbawa Island. The parties will also explore options to potentially develop additional deposits in the same mining area, such as the large Elang resource.
President Joko "Jokowi" Widodo said he would take action if prolonged negotiations with US mining giant Freeport McMoran faced difficulties.
The government will merge PT Alumunium Development Corporation (Aldevco) into state-owned aluminum producer PT Indonesia Asahan Aluminium (Inalum) as part of the preparation for the latter to be a leader of the holding company in the mining sector.
Indonesia has offered Saudi Arabia the opportunity to invest in three more oil refineries — in Dumai, Riau; Balongan, West Java; and Bontang, East Kalimantan. Previously, state-owned energy company Pertamina and Saudi Aramco signed an agreement to establish a joint venture to develop an oil refinery in Cilacap, Central Java.
An advocacy NGO has called on the government to take firm action against mineral and coal miners that owe royalties and exploration fees. As of February, government non-tax revenue (PNBP), including from unpaid royalties and exploration fees amounted to Rp 5.07 trillion (US$381.2 million), according to the Energy and Mineral Resources Ministry’s Directorate General for Minerals and Coal.
An official has said the Indonesian government has enough funding to buy shares in copper and gold miner PT Freeport Indonesia as it has started to prepare a holding company to manage the mining site in Papua.
JAKARTA -- Freeport-McMoRan Inc.'s standoff with Indonesia over the giant Grasberg copper and gold mine is entering a new phase, as the company scales back operations while trying to force a resolution to the dispute.
In New York on Monday copper for delivery in March jumped 1.6% to $2.7515 per pound or $6,066 a tonne after listed copper miner Freeport McMoRan said negotiations with the Indonesian government to restart exports from its Grasberg mine in Papua province has stalled. Copper is trading at levels last seen late May 2015 with year-to-date gains of just under 9%.