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Foreign-controlled Indonesian miners to begin off-loading shares, official says

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Foreign-controlled Indonesian miners to begin off-loading shares, official says

Six foreign-controlled miners operating in Indonesia plan to off-load some of their shares in the near-term, in line with the country's mining regulations, Reuters reported on March 13, citing Yunus Saifulhak, director of minerals at Indonesia's energy and mining ministry.

Saifulhak, however, did not specify the timeline for the divestments.

Under the policy, foreign-controlled miners must slowly begin reducing ownership after five years of production. Foreign ownership should be slashed to at least 49% within 10 years.

These companies include Vale SA's 60%-controlled PT Vale Indonesia Tbk., Newcrest Mining Ltd.'s 75%-owned PT Nusa Hamahera Mineral, Kingsrose Mining Ltd.'s 85%-controlled PT Natarang Mining, PT Kasongan Bumi Kencana, PT Ensbury Kalteng Mining and diamond miner PT Galuh Kencana.

In February, Vale Indonesia President Director Nico Kanter said the company was in talks with the Indonesian government about its divestment program, which was expected to start before October.