GR 24/2012 to encourage RI investors in mining sector
Monday, March 12 2012 - 04:33 AM WIB
Government said that the newly-revised government regulation (GR) number 24/2012 is aimed to encourage Indonesian investors to do business in mining sector.
"The new policy on mining divestment is to encourage Indonesia mining investors and also to give certainty on period of mining license," Director General Mineral and Coal at the Ministry of Energy and Mineral Resources, Thamrin Sihite, said in his written speech to open an Indonesia Mining conference in Bali on Monday.
Under the revised regulation, foreign-owned mines will be obliged to gradually divest up to 51 percent stakes to Indonesian companies after 10 years of commercial operations.
The previous GR No. 23 obliged foreign-owned mines to divest only 20 percent of its stake.
Editing by Adianto P.Simamora