Several Papuans dance during a demonstration of Freeport workers in front of the Energy and Mineral Resources Ministry in Jakarta on Tuesday.
The iron ore price has dropped to its lowest mark in almost a month after sliding below $US90 a ton overnight. It was the first time iron ore had been below $US90 a tonne since February 10, with the price for 62 per cent fines finishing at $US89.73, a 1.7 per cent fall on the previous trading day. Iron ore is still almost 14 per cent higher this year. The iron ore price reached a 2017 high of $US94.86 a tonne on February 21.
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.