Govt targets $2.25 billion investments in mining sector next year

The Energy and Mineral Resources Ministry has set a target to raise investment in the mining sector to about US$2.25 billion next year, from less than $2 billion this year.

"Next year, investment in the mining sector is projected to reach $2.25 billion,? Director General of Mineral and Coal Bambang Setiawan said in Jakarta on Monday.

He said that of the total investment, about $1.28 billion are expected to come from holders of mineral contract of work (Cow), $912 million from holders of coal contract of work (CCoW) and $50.9 million from holders of Mining Authorization (KP) contracts and state-owned companies.

He said that realized investments in mining sector this year only reached $1.86 billion, below the initial target of $2.12 billion.

?Although the investment target could not be achieved, non-tax income from the mining sector rose 4.6 percent to Rp 16.01 trillion (1 US$ = Rp 9,050) this year. Total state revenues including taxes from the mining sector totaled Rp 56 trillion,? he added. (*)