Southern Arc : Progress update on West Lombok IUP
Thursday, November 18 2010 - 12:56 AM WIB
Since the proclamation of the provincial land utilization regulation (Perda No.3/2010) on July 1, 2010, Company representatives have been working closely with three levels of government in support of the IUP application. Steps in this process include:
-- The Director-General of Minerals, Coal and Geothermal Department of the Central government in Jakarta has issued a letter, authorizing the Company to establish a local holding company necessary to the issuance of the IUP.
-- In a separate letter, dated November 11, 2010, the Director General has given legal authorization to the West Lombok Regent to issue the Company's IUP.
-- The Company has filed all documentation in support of the establishment of this local holding company.
-- This documentation has been approved by BKPM, the Indonesian Foreign Investment Coordinating Body. Final processing for the new company's Deed of Establishment, tax registration, and business operating licenses is now underway.
-- Once the local holding company has been established, the West Lombok Regent will be free to issue the IUP. The Regency (a 10% shareholder in this project) has already reviewed and, in principle, approved the IUP document, and awaits the establishment of the local holding company.
The Company looks forward to the issuance of the IUP and to embarking on this important partnership with the Regency in advancing the West Lombok property. (end of release)
