ICMA to elect new chairman

By Tri Subhki R

Members of the Indonesia Coal Mining Association (ICMA) are scheduled to meet today to elect a new chairman to replace Bob Kamandanu who has held the position for two consecutive terms.

There are three candidates competing for this position including Arie Prabowo Ariotedjo, President Director of PT Medco Energi Mining Internasional; Pandu Sjahrir, Director of PT Toba Bara Sejahtra Tbk; and Milawarma, President Director of PT Bukit Asam Tbk.

ICMA's Deputy Executive Director Hendra Sinadia confirmed those three competing candidates.

The election is being held amid lingering pressure on the global coal market due to oversupply and weak demand situations, where price of the commodity has tumbled, causing many miners to suffer losses and some forced to shut down operations.

Domestically, ICMA repeatedly has expressed concerns over tighter regulations imposed by the government including a requirement to use the letter of credit (L/C) payment system in the export of the commodity starting April 1.

Editing by Reiner Simanjuntak