New IPO ruling for mining firms to be applied early 2014

A new initial public offering (IPO) ruling which eases the requirement for mining firms to go public and list their shares on the Indonesia Stock Exchange (IDX) will be applied early next year, reports said on Friday.

?God Willing, it will be applied early next year,? said IDX President Director Ito Warsito. Under the new ruling, mining firms which are still in exploration stage, and have yet to enter production stage, can still go public and list their shares as long as they meet certain requirements such as submitting the mining reserves and resources reports approved by credible mining experts, feasibility study report, and business plan.

Ito said that the new ruling would be introduce amid interest among fund managers to invest in prospective mining firms although they are still in exploration stage, and to help discourage local miners from listing overseas. (*)