Indominco concludes contract renegotiation: Official

Coal miner PT Indominco Mandiri, a subsidiary of IDX-listed PT Indo Tambangraya Megah Tbk (ITMG), has agreed with the government on the six main points of contract renegotiation, Investor Daily reported on Tuesday.

The paper quoted Director General of Coal and Mineral R. Sukhyar as saying that Indominco was among of the additional mining companies to have agreed on all of the six main points of contract renegotiation proposed by the government. Indominco, however, has yet to sign a MoU with the government.

On March 7, the government signed MoUs with 25 mining companies including 19 coal miners for the conclusion of the contract renegotiation. Among of the miners to have signed the MoUs were two ITMG subsidiaries PT Trubaindo Coal Mining and PT Jorong Barutama Greston.

Indominco operates a 25,121 hectares of coal concession in Kutai Timur Regency, East Kalimantan, the paper said.

Sukhyar added that another coal miner PT Adaro Indonesia was expected to soon sign a similar MoU. (*)