Tuesday, 6 January 2009

Jakarta Sets Mining Law

Indonesia’s controversial new mining law, which gives greater power to local governments and forces mine operators to process raw materials locally, is likely to deter foreign investment at a time of falling global commodity prices, miners and industry analysts said. The law is passed by Indonesia’s parliament on Tuesday. Under the new system, which comes into effect within three months, local authorities will give companies five-year exploration licenses that can later be turned into full mining development agreement.
Source: PA Asia - Public Affairs and CSR from The Wall Street Journal, December 17, p.3

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