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October 2019 | Vol. 42

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Weekly News

UPDATE 1-Indonesia Govt Appoints Inalum to Buy Stake in Vale Indonesia -official


Indonesia’s government has appointed state miner PT Inalum to purchase a stake that PT Vale Indonesia intends to sell, the Director General of Coal and Minerals, Bambang Gatot Ariyono, said on Monday.

Vale, one of Indonesia’s largest nickel miners, is set to divest around 20% of its stake to local investor to meet new regulations aimed at limiting foreign ownership of its mining resources.

The company had said it aims to conduct the stake sale in October.

According to Indonesian mining rules, foreign-controlled miners are required to gradually start reducing ownership after five years of production. Within 10 years, foreign ownership should be cut to at least 49%.

As per end-2018, company data showed 59% of its shares were controlled by Brazil’s Vale SA. Sumitomo Metal Mining Co Ltd owned around a 20% stake in the company.

Ariyono declined to disclose the value of the deal.

Vale Indonesia officials were not immediately available for comments.


Source : https://uk.reuters.com/article/vale-indonesia-divestiture/update-1-indonesia-govt-appoints-inalum-to-buy-stake-in-vale-indonesia-official-idUKL3N26S17H

Weekly News

Antam Receives Subroto Award 2019


PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) is pleased to announce that the company remains on achieved two awards in Subroto Awards 2019. This award was initiated by the Ministry of Energy and Mineral Resources (MEMR) and presented by the Minister of Energy and Mineral Resources, Mr. Ignasius Jonan in Jakarta, September 27, 2019.

ANTAM’s President Director, Arie Prabowo Ariotedjo said:

“The award is a reflection of good corporate governance and implementation of Corporate social and environmental responsibility. ANTAM continues to be committed to support the progression in Energy and Mineral Resource sector to provide as many benefits for community.”

ANTAM received the award in the Mineral and Coal Environment Protection Management category through Gold Mining Business Unit and the Mineral and Coal Non-Tax Revenue Compliance through PT Cibaliung Sumberdaya as ANTAM’s subsidiary.

The Minister of Energy and Mineral Resources, Mr. Ignasius Jonan, invite all stakeholders to collaborate and together with the government to accelerate the Energy and Mineral Resources sector development goals according with Article 33 of the 1945 Constitution. Subroto Award has held since 2017 and was the highest award from MEMR to stakeholders who perform an active role and achieve the extraordinary approach in the energy and mineral resources sector.

The name of Subroto was taken from Prof. Subroto as the Minister of Mining and Energy in 1978-1988. The Subroto Award is part of the 74th year Mining and Energy Anniversary celebration, which celebrates on September 28 every year. The 2019 Subroto Award consists of 10 categories, namely National Energy Efficiency, Mineral and Coal Non-Tax Revenue Compliance, Electricity Safety, Oil and Gas Safety without Losing Work Hours Due to Accidents, The Largest Oil and Gas Non-Tax Revenue, Mineral and Coal Environment Protection Management, Mineral and Coal Mining Safety Management, Occupational Health and Safety and Geothermal Environmental Protection, The Best Human Resources Development, and also Journalists in energy desk.


Source : http://www.antam.com/index.php?option=com_content&task=view&Itemid=144&id=1140

Weekly News

Antam Conducts 74th Mining & Energy Blood Donations


PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) conducted simultaneously blood donation event in five ANTAM’s operational areas on September 17, 2019. The Ministry of Energy and Mineral Resources (MEMR) has initiated the program to embrace the 74th Anniversary of Mining and Energy Ministry on September 28, 2019.

ANTAM conducted blood donations in North Maluku, Southeast Sulawesi, West Kalimantan, West Java, and DKI Jakarta. During the event, Company conducts a corporation with the Indonesian Red Cross (local office) and delivered as much as 866 blood bag donation.

ANTAM’s Human Resource Director, Luki Setiawan Suardi said:

“The MEMR initiated the blood donation program in the framework of the 74th Mining & Energy Anniversary. The activity reflects the concern of Indonesia mining citizens for the community. For ANTAM, this activity is a form of commitment to the implementation of humanitarian activities. ANTAM also invites stakeholders to contribute together to meet the blood demand.”

In North Maluku Nickel Mining Business Unit, ANTAM recorded a total of 212 blood bags from 50 donors in Ternate, 60 donors in Buli and 102 donors in Tanjung Buli. Meanwhile, in Southeast Sulawesi Nickel Mining Business Unit, the blood donation activity was attended by hundreds of participants and produced 293 blood bags. In West Kalimantan Bauxite Mining Business Unit collected as much as 71 blood bags. On the same occasion, Gold Mining Business Unit in West Java also carried blood donation activity with 215 participants. Meanwhile in Precious Metals Processing and Refining Business Unit in Jakarta, recorded of 75 blood bags.

Those donors were ANTAM’s stakeholders from around the operational area. Consisting of ANTAM’s employees and subsidiary, local people, local district government, health centre, the elements of the Indonesian Army and Police, also banking and contractors.

The series of activities of the Mining and Energy 74th Anniversary was started from September 2 to September 28, 2019. This blood donation activity was implemented by 87 Energy and Mineral Resources sub-sector companies in 15 provinces throughout Indonesia. The total of targeted commitment by MEMR was a total of 11,126 blood bags.


Source : http://www.antam.com/index.php?option=com_content&task=view&Itemid=144&id=1139

Weekly News

Indonesia Coal Benchmark Price Set at $64.80/T in Oct, Down about $1 on Month


* The Indonesian government set the coal benchmark price (HBA) for October at $64.80 per tonne, Energy Ministry spokesman Agung Pribadi said

* The price is lower than September’s $65.79 per tonne

* October’s price is the lowest since September 2016, according to Eikon Refinitiv data COAL-HBA-ID

* Pribadi said the benchmark price fell since global coal prices remain weak

* The HBA is a monthly average of the Argus-Indonesia Coal Index (ICI-1), the Platts Kalimantan 5,900 assessment, the Newcastle Export Index and the globalCOAL Newcastle index from the previous month.


Source : https://af.reuters.com/article/commoditiesNews/idAFL3N26S1DT

Weekly News

BUMA to Tap into Tech Startup Environment with Plug and Play Platform


PT Bukit Makmur Mandiri Utama (BUMA), one of Indonesia’s top mining contractors, has partnered with Plug and Play’s global open innovation platform to engage with startups focusing on predictive maintenance, safety and health technology.

Ronald Sutardja, BUMA CEO, said the company was looking to engage with such companies to build “breaking ground technologies” in mining services.

“Technology has always been part of our DNA and we’re striving to be the most technologically advanced company in the business,” he said.

BUMA, currently the second largest independent coal mining contractor in Indonesia according to parent company PT Delta Dunia Makmur Tbk. It carries out a comprehensive scope of work from overburden removal, coal mining, coal hauling as well as reclamation and land rehabilitation.

Plug and Play said: “Having technology in place is not merely about improving worker productivity or acquiring more accurate data, but it is also about improving safety conditions for BUMA’s employees and improving employee’s health.”

Eko Prihadi, Director at BUMA, recently said at Plug and Play’s APAC Summit in Singapore in May 2019: “Safety is one of our biggest priorities in BUMA. As we currently employ more than 13,000 people, we are continuously on the lookout for the latest technologies to improve the well-being and working conditions of our employees.

“As a highly progressive company, innovation is the key to our operations. This partnership will give us access to the global startup ecosystem and allow us to work with the latest cutting-edge technologies to develop innovative business strategies in key focus areas.”

Plug and Play’s Supply Chain platform is, according to the company, the world’s leading innovation consortium with strategic locations in Silicon Valley, Hamburg, Shanghai, and Singapore. Focusing on key areas of relevance, Plug and Play will identify and connect its partners with the latest technologies that will accelerate their innovation efforts.

Wesley Harjono, Managing Partner of GK-Plug and Play Indonesia, said: “We are very excited to have BUMA join us as our newest supply chain partner. Since the inception of the platform out of Silicon Valley in 2016, the vertical has amassed more than 35 industry-leading corporate partners including DHL, ExxonMobil, and ArcelorMittal. Partnering with BUMA will help us drive technological advancements in key areas such as safety, wearables, and IoT in the mining industry.”


Source : https://im-mining.com/2019/10/08/buma-tap-tech-startup-environment-plug-play-platform/

Weekly News

Ministry Gives Green Light for Inalum to Acquire Vale Indonesia’s Stocks


The Energy and Mineral Resources Ministry has given its blessing to state-owned mining holding company Indonesia Asahan Aluminium (Inalum), which recently has rebranded itself as MIND ID, to acquire one-fifth of publicly-listed nickel miner Vale Indonesia stocks.

“Inalum has been appointed. It’s done,” the ministry’s coal and mineral mining director general, Bambang Gatot Ariyono, told reporters in Jakarta on Monday.

He added that his office, represented by deputy minister Arcandra Tahar, had sent a letter on the matter to Finance Minister Sri Mulyani Indrawati. Approval from the State-Owned Enterprises Ministry is also needed to commence the acquisition.

Once completed, the acquisition would further fatten the operations of Inalum which, aside from its own aluminum mining activity, also owns gold and copper miner Freeport Indonesia (51.2 percent share), diversified miner Aneka Tambang (65 percent), coal miner Bukit Asam (65.2 percent) and tin miner Timah (65 percent).

Bambang added that the government would let Inalum and Vale determine the value of the 20 percent share on a business-to-business basis.

Inalum and Vale representatives were not immediately available for comment but it was Inalum president director Budi Gunadi Sadikin who first mentioned the acquisition plan in July.

Budi said at a hearing with the House of Representatives that the holding company was interested and ready to acquire a 20 percent stake in Vale, which would be worth an estimated US$1.5 billion.

“We want [a 20 percent stake in Vale], but only if we are appointed by the government. If we already have the assignment, then we are more than ready [to take it],” he said.

Budi added that Inalum would prioritize using internal funds to acquire Vale, but if such funds were insufficient, the holding company would use either bond issuances or bank loans to support funding.

Under Vale’s contract of work updated in 2014, the nickel miner is obligated to divest 40 percent to shareholders in Indonesia, 20 percent of which has been done through the Indonesia Stock Exchange (IDX).

The divestment is mandated under Government Regulation No. 77/2014 on coal mineral mining operations.

Vale has until October this year to divest the remaining 20 percent, but Vale Indonesia president director Nicolas Kanter said the company wanted to settle the matter earlier than the deadline as a gesture of goodwill to the government.

According to its quarterly financial report, Vale Indonesia booked a first half net loss of $22.77 million, reversing a net profit of $53.54 million booked in the same period last year.

Losses were due to a 22 percent year-on-year (yoy) decrease in first half sales to $292.25 million, mainly from decreased sales to Vale Canada and Sumitomo Metal Mining.


Source : https://www.thejakartapost.com/news/2019/10/08/ministry-gives-green-light-for-inalum-to-acquire-vale-indonesias-stocks.html

Weekly News

Pacific Rim Cobalt Corporation (OTCQB: PCRCF) Nickel-Cobalt Global Demand Gives Rise to High-Grade Mineralization


Pacific Rim Cobalt Corporation (OTCQB: PCRCF) has made an announcement of its results generated with the shallow diamond drilling program with emphasis on the Nickel/Cobalt development in the Indonesian region. The Company is convinced with the latest drilling results as the nickel values are significantly important and its recent price increase has encouraged the drilling companies to get hold of this commodity.

Pacific Rim Cobalt Corp. is giving an optimistic approach to developing the project into an asset which will probably increase the shareholder value. The company’s CEO remarked that with the increased demand for Nickel due to its role in the battery, there is a possibility of leading the stocks with better values for the shareholders.

The Indonesian President also gave emphasis to the use of more natural resources by the nation rather than exporting it. There is a projection to use the nickel reserves of Indonesia in building the electric car industry. The battery minerals company has projected a huge plant worth $700 million in Indonesia for production of nickel for batteries.

PCRCF benefits from its excellent infrastructure at the Cyclops Project situated in Papua Province, Indonesia. There is an abundance of workforce and natural resources projected at the location and the region is connected with Jayapura (capital of Papua province) and Sentani (large town). Drilling is a major part of the exploration program through the historical results attained from that particular area. Cyclops nickel-cobalt project has exceeded over 850 holes with testing pits as well as the environmentally permitted procedures for exploration. There are significant nickel and cobalt present in the Cyclops with the estimate of 37 MM tons which is a huge number.

The primary phase of the drill program was completed in the north block with grid testing of the previously encountered elevated nickel and cobalt zones. The surfaces revealed the elevated values of these minerals.


Source : https://stocksnewswire.com/2019/10/09/pacific-rim-cobalt-corporation-otcqb-pcrcf-nickel-cobalt-global-demand-gives-rise-to-high-grade-mineralization/

Weekly News

Freeport Indonesia Spends $150m on Smelter


Copper and gold mining company PT Freeport Indonesia spent US$151.7 million as of July to finance the development of its copper smelter in Gresik, East Java.

The project was 3.21 percent complete as of July, which is above the targeted 2.76 percent.

“We are currently working on the FEED [front end engineering design] and developing the land,” Freeport spokesman Riza Pratama told The Jakarta Post in a short text message, “Physical construction of the smelter will begin around early 2020,”

Freeport Indonesia, which operates the world’s second largest copper mine, the Grasberg mine in Papua, announced in May that it would invest $2.8 billion to build the copper smelter that is slated for operation by 2022.

Once operational, the smelter will process up to 2 million tons of copper concentrate each year, Freeport president director Tony Wenas told reporters in May.

Law No. 4/2009 on coal and mineral mining requires mining companies to build smelters so companies will export refined mineral products instead of unprocessed minerals, hence drawing more value out of the country’s mineral wealth.

The Energy and Mineral Resources Ministry enforces the law through Energy and Mineral Resources Ministerial Regulation no. 25/2018 on mineral and coal enterprises, which states that, under Article 55, the ministry may revoke a mining company’s export license if it fails to meet smelter completion targets.

“We will continually monitor the project to ensure it is operational by 2022. As stipulated in [the regulation], an independent surveyor must inspect the project’s progress every six months to ensure it is on schedule,” said the ministry’s minerals director, Yunus Saefulhak.

Freeport Indonesia received in March a one-year copper concentrate export license, which tripled its export quota to 700,000 wet metric tons (wmt) from a previous quota of 198,282 wmt.

The company, which was acquired by state-owned mining company Inalum late last year, has a copper production target of 1.3 million wmt this year, lower than its production of 2.1 million tons last year.

According to the second quarter and first half report of United States mining giant Freeport-McMoRan, one of the shareholders of Freeport Indonesia, the latter’s copper sales in this year’s first half totaled 325 million pounds, representing a 48 percent year-on-year decrease.

The lower copper sales were in line with the decrease in production, which fell 58.9 percent to 270 million pounds in the January to June period this year from 658 million pounds in the same period last year.

Freeport-McMoRan estimates that Freeport Indonesia’s consolidated copper sales volume will total 600 million pounds by December this year.

Under the current regulation, a ban on raw nickel ore exports will also be enforced starting on Jan. 1, two years earlier than the previously set deadline.

Small nickel producers under the Indonesia Nickel Miners Association (APNI) expressed disgruntlement with the accelerated export ban date even though the revised deadline is actually an extension of the initial deadline of 2014.

The ministry’s coal and mineral mining director general, Bambang Gatot Ariyono, defended the government’s decision, saying it was in line with the national plan to accelerate smelter construction.

Indonesia currently has 20 smelters, 11 of which are nickel smelters, according to ministry data. The ministry aims to have 41 smelters in operation by 2022, comprising 22 nickel smelters, six bauxite smelters, four iron smelters and nine smelters for other minerals.


Source : https://www.thejakartapost.com/news/2019/10/10/freeport-indonesia-spends-150m-smelter.html

Weekly News

Kingsrose Extends Life of Talang Santo Open Pit


Way Linggo open pit to finish in December as planned

Deep drilling underway to establish underground potential at Talang Santo and to start in Way Linggo next month

Kingsrose Mining (ASX: KRM) (‘Kingsrose’ or ‘The Company’) is pleased to publish the findings of a detailed technical review of the open pits at its Way Linggo Gold Project in Indonesia.

The review has incorporated the results of the shallow drilling programme undertaken towards the end of the last financial year in the Talang Santo pit, the input of an independent geotechnical consultant, and updated economic factors.

Guidance for nine months to June 2020 will be provided with the September Quarterly Report which will be released later this month.

Talang Santo Open Pit Extended Cut Back Confirmed

The Company’s market announcement of 8 August 2019 stated that mining at the Talang Santo open pit was scheduled to continue until December 2019 and gold production from Talang Santo stockpiled ore, blended with Way Linggo stockpiled ore, would continue until June 2020.

In light of the review undertaken mining in the Talang Santo open pit has been extended to July 2020 and gold production from stockpiled ore will continue until September 2020. Production from this pit is estimated to be 16,400 ounces of gold for this financial year.

To better inform production scheduling and pit optimisation at Talang Santo an aggressive diamond drilling program was undertaken from May through to July 2019 focusing within the current pit boundary and potential near-pit resource extensions. A significant number of Whittle pit optimisations iterations were completed during September. From these the pit designs were further developed and economically assessed. The new design has taken into consideration independent geotechnical advice and on-site personnel have increased geotechnical mapping activities and additional monitoring to mitigate any wall stability risks.

This current pit is essentially a stage pit for the further cutbacks under review and this new extension is considered a low to medium risk design with the best financial outcome for the Company. Further cutbacks and optimum designs will continue to be reviewed.

The deep diamond drilling programme to increase confidence in resources beneath the previous deepest level of underground mining at Talang Santo is progressing well and is half complete. This first phase of drilling will be completed in November 2019. Results will be assessed, and any further plans reported in December 2019.

Way Linggo Open Pit Reaches the end of its Economic Life

The ASX release of 8 August 2019 stated that mining at Way Linggo open pit was scheduled to continue until December 2019 and gold production to continue to June 2020 with blending of Way Linggo stockpiled ore with Talang Santo stockpiled ore. Following the review this remains unchanged. Mining will be completed in December 2019 and we will transition the open pit to a rehabilitation plan. Planned production of an estimated 15,700 ounces of gold from this pit remains in line with budget and previous guidance.

After stabilising the east wall failure in June 2019, a detailed geotechnical review of the planned extension to the Way Linggo pit was commissioned in August 2019. This recommended changes in slope design parameters to mitigate against future wall failures. These new design parameters make further development of the Way Linggo open pit uneconomic.

The current Way Linggo open pit cutback has been reviewed for safety and geotechnical recommendations. A Slope Stability Radar has been mobilised to site and site-based geotechnical skills increased to ensure that the Company can deliver its planned ounces to the end of December 2019 safely.

The previous underground mining at Way Linggo stopped at 175 metres below the surface and there is strong potential for further mineralisation below the previous underground mine. Two deep diamond drill holes to test below the underground workings are scheduled for November 2019 once rigs with sufficient depth capacity become available from Talang Santo. Results will be assessed and reported in December 2019.


Source : https://www.kingsrosemining.com.au/announcements/10th-october-kingsrose-extends-life-of-talang-santo-open-pit/

Weekly News

Step Out Drilling Delivers Golden Hit for Nusantara


It’s quite nice when a plan comes together, as it did this week for Indonesian focussed gold company, Nusantara Resources, who nailed a 63.7-metre drill intersection grading 2.12g/t gold from 201.1m down-hole that sits just beyond the USD$1,400 per ounce optimal pit shell for its flagship Awak Mas deposit.

Perhaps more importantly, the new result opens up a nearly 1km wide, sparsely drilled, potential gold mineralised corridor, that lies between the eastern edge of the proposed Awak Mas open-pit and the Salu Bulo deposit, further to the east.

Company geologists have long postulated that the Awak Mas gold mineralisation continues to the east of the existing ore reserves in a series of flat-dipping, but structurally disjointed lodes that could extend to the defined Salu Bulo deposit.

The current Awak Mas open-pit ore reserve totals 24.1 million tonnes grading 1.28g/t gold for just shy of a million ounces, based on a USD$1,250 per ounce optimised pit shell, used in last year’s DFS.

However, when the USD$1,400 per ounce pit shell is used, the mineral resources inside the Awak Mas optimal pit shell at the higher price, swell by 74% to 39.5 million tonnes grading 1.4g/t gold for 1.72 million ounces.

With the gold price now sitting close to USD$1,500 per ounce this week, the recalculation is both very encouraging and timely for Nusantara.

In fact, the new drill result supports the potential to add gold resources by defining extensions outside the current open-pit resource shells, according to management.

This could provide the impetus needed to extend scout exploratory drilling at depth and further to the east of the existing defined Awak Mas gold resources.

Chief Executive Officer Neil Whitaker said: “Nusantara is focussed on moving the Awak Mas project into production, however, it also has an eye on the scale game-changers of a larger main pit at Awak Mas and opening up the corridor to Salu Bulo.”

The global mineral resource for the project is 45.3 million tonnes grading 1.4g/t gold for 2 million ounces, which incorporates the Awak Mas, Salu Bulo and Tarra deposits.

Nusantara is presently engaged in financing discussions and aims to bring the Awak Mas project into development sometime next year.

The company is seeking to finance and progress its gold project after the delivery of a robust DFS in October 2018, which showed that an open-pit gold mining operation could produce at the magical 100,000 ounce a year mark and generate an impressive after-tax cash flow of about AUD$55m a year, or about AUD$1m a week, with payback in 4 years.

This work was based on a gold price of USD$1,250 per ounce, so the metrics would have improved somewhat in the year since, given that gold prices have lifted by 20% in the intervening period.

Last December, Nusantara executed a “Relationship Deed” with major shareholder, Indika Energy, that provided a framework for the two companies to accelerate the development of the project, including provisions for Indika to acquire an interest in Awak Mas, by investing at the project level.

Under the terms of the agreement, Nusantara may offer to sell an interest of not less than 25% in the project to Indika.

According to the company, if mutually acceptable terms for the sale can be agreed, it is anticipated that proceeds from the project sell-down could be applied towards the company’s equity share that will underpin the financing requirements to fast-track the project.

The upfront capital costs to develop the project were estimated to be USD$146m in the DFS.

With a recent refocus of Nusantara’s corporate operations to Indonesia from Perth, the company has reviewed its ongoing costs and made savings that will drop out of removing the duplication of administrative overheads.

All project construction approvals for the mining infrastructure are already in place and Nusantara signed a “Contract of Work” with the Indonesian Government in March 2018, providing security of title out to at least 2050.

Given the lack of modern exploration targeting gold ounces outside the known Awak Mas deposits, Nusantara believes it could significantly boost its existing mineral resources in the district, starting adjacent to the known deposits.

This week’s stunning drill intersection east of Awak Mas seems to support this assertion.

With most of the boxes ticked, including an ore reserve of over a million ounces, a projected near-100,000 ounce a year production profile, a low stripping ratio, at least 10 years of initial mine life and the opportunity to churn out around a million dollars a week after tax, Nusantara’s Awak Mas gold project seems to have plenty going for it, including lots of blue-sky exploration upside now.


Source : https://thewest.com.au/business/public-companies/step-out-drilling-delivers-golden-hit-for-nusantara-c-496752

Weekly News

KPC Won Two 2019 Subroto Awards


PT Kaltim Prima Coal (KPC) once again won the 2019 Subroto Award, after last year received the same award from the Ministry of Energy and Mineral Resources (ESDM). This time, KPC won two awards at once, namely in the field of environmental protection and compliance with payment of Non-Tax State Revenues (PNBP) in the mineral and coal fields.

These two awards were received by KPC on the 2019 Subroto Award Awarding Night. The award was handed over directly by ESDM Minister Ignasius Jonan and received by KPC Chief Operating Officer (COO) Muhammad Rudy, at XXI Ballroom Djakarta Theater, Jakarta, Friday (27/9).

KPC General Manager of External Affairs and Sustainable Development (ESD) Wawan Setiawan expressed his gratitude for the ahievement of KPC as one of the companies that won the 2019 Subroto Award.

The award received, according to Wawan, is proof that KPC has a high commitment to environmental preservation and is always obedient in paying financial obligations to the state. “Thank you to the Minister of Energy and Mineral Resources for this recognition. This award shows that we still have a high commitment to environmental sustainability and are always obedient to paying royalties to the country, “Wawan said.

The Subroto Award was held in the context of welcoming the 74th Mining and Energy Day, 2019. In addition, it was a tribute to Professor Subroto, Minister of Energy and Mineral Resources, 1978-1988. Professor Subroto is considered to be the teacher and foundation for the development of energy and minerals in Indonesia.

Minister of Energy and Mineral Resources Ignasius Jonan in his remarks revealed that this award event should be a reflection to continue to adjust the spirit of work and more quickly in understanding the changing world. He also shared the story of how the Government is ready to face global challenges in overcoming climate change through New Renewable Energy (EBT). “When I attended the UN General Assembly, world leaders committed to develop EBT including Indonesia. Because energy will greatly affect climate change, ” said Jonan as stated in the official website of the Ministry of Energy and Mineral Resources.

He also invited stakeholders to immediately implement the use of EBT if they do not want the impact of climate change to have a negative effect on people’s lives.

Prof. Subroto himself whose name was taken as the name of the award was present on the night of the award presentation. “We must remember what Ki Hajar Dewantara has taught about leadership, that is “ing ngarso sung tulodo, ing madyo karso, tut wuri handayani “. For those who are 80-90 years old, the role of leadership has changed to become a person who plants enthusiasm in our midst. Just the presence is inspiring. So the important thing is, when you reach the elderly, you can still be active, “said Prof. Broto, who was 96 years old on September 19th.


Source : http://www.kpc.co.id/kpc-articles/151?locale=en

Weekly News

BELAZ to Supply Indonesia Coal Mine with 130 t Dump Trucks


BELAZ has agreed to supply eight 130 t dump trucks to mining contractor PT Darma Henwa Tbk for use at an Indonesia coal mine in East Kalimantan.

The contract for the supply of BELAZ-75131 mining dump trucks was signed in Jakarta and will see the machines transport overburden at the Bengalon coal mine.

“Taking into account climatic conditions, those mining dump trucks are equipped with the corresponding rubber suitable for tropical conditions as well as AC and modified cooling system,” BELAZ said.

BELAZ is represented in Southeast Asia by its authorised dealer, Belazia PTE LTD. The supply contract was signed following negotiations held by Belazia PTE LTD managers and representatives of PT Darma Henwa Tbk, the biggest contractor in the country, according to BELAZ.

Indonesian mining companies have been operating BELAZ equipment for many years, with mining dump trucks with a payload capacity of 45 t 110 t and 130 t.

“Indonesian operating companies highly appreciate the capabilities of BELAZ equipment, which is a decisive factor in opting for Belarusian mining dump trucks and special equipment,” the company said.


Source : https://im-mining.com/2019/10/11/belaz-to-supply-indonesia-coal-mine-with-130-t-dump-trucks/

Weekly News

West Java Mining Company May Lose Permit after Causing Cliff Explosion that Sent Boulders Crashing onto Houses


Lawmaker and former Purwakarta regent Dedi Mulyadi has called on the Purwakarta regency administration in West Java to revoke the permit of a stone mining company that recently blew up a cliff, causing large fragments to fall on residents’ houses.

The incident happened on Tuesday in the regency’s Sukamulya village, Tegalwaru district, when stone miner PT Mandiri Sejahtera Sentra (MSS) set off an explosion on a 500-meter cliff in Cihandeuleum hamlet. The resulting falling rocks and boulders severely damaged seven houses and one school building.

Purwakarta Disaster Mitigation and Fire and Rescue Agency head Wahyu Wibisono said that at least 68 families had been affected by the incident.

Dedi said accused the mining company of being reckless as it had failed to take into account the cliff’s surroundings.

“Fortunately, no one was home at the time. If there had been people in those houses, there would have been casualties,” Dedi said as quoted by kompas.com on Wednesday.

The Golkar politician said the mining company’s permit had been issued by the West Java administration with a recommendation from local authorities.

Therefore, Dedi urged the Purwakarta Environmental Agency to revoke the miner’s environmental management scheme and environmental monitoring scheme (UKL-UPL) recommendations, which were requirements for a permit.

“We don’t need an evaluation; just close the mine,” Dedi said.

The incident serves as a reminder for other big mining companies in West Java to consider the consequences of their actions, he added.


Source : https://www.thejakartapost.com/news/2019/10/11/west-java-mining-company-may-lose-permit-after-causing-cliff-explosion-that-sent-boulders-crashing-onto-houses.html

Weekly News

Indonesia Considers Bauxite Royalty Rule Changes amid Output Surge


The Indonesian government has opened discussion on a proposal by the bauxite-rich province of West Kalimantan for a change in royalty rules after a jump in production in recent months, according to a statement issued on Friday.

The central government is in the process of revising regulations and a draft will soon be submitted for President Joko Widodo’s approval that has already accommodated some of the West Kalimantan government’s request to change the royalty rate, according to a statement issued by the coordinating ministry for maritime affairs, which oversees mining.

The ministry did not specify which regulation it was referring to.

Authorities currently charge miners 3.75% of revenue from sales of bauxite.

The West Kalimantan government wants to get a larger share of revenue from the commodity, by being granted some authority to handle a miner’s export permit as well as through the recalculation on the royalty rate for bauxite, Syarif Kamaruzaman, an assistant to the provincial secretary, said in the statement.

“We want the mining products to be an initial capital for our people so that when we run out of them, residents in the area can still have economic independence to start to develop businesses in other sectors,” Kamaruzaman said.

Bauxite output in the country jumped 204% in the 18-month period that ended in June, much of which came from the West Kalimantan province, the statement said.

Indonesia’s central bank data showed that the country exported 8.4 million tonnes of bauxite in January to July this year, nearly double the exports in the same period last year at 4.4 million tonnes.

Indonesia, the world’s top nickel ore supplier, last month said it will stop nickel ore exports from Jan. 1, 2020, pushing forward a ban by two years and raising concerns of global supply shortage.

Although it had kept the deadline on bauxite export ban unchanged for January 2022, a senior official said on Sept. 12 that authorities were considering to expedite the ban for exports of bauxite, tin, and others.


Source : https://www.reuters.com/article/us-indonesia-bauxite/indonesia-considers-bauxite-royalty-rule-changes-amid-output-surge-idUSKBN1WQ0WK

Weekly News

Explainer: How Do Miners Dispose of Their Waste in The Sea?


Sea disposal of mining waste could spread as Indonesia weighs adopting the technique for new nickel projects, as Papua New Guinea is doing for a gold mine proposed by Australia’s Newcrest Mining.

The management of mining waste has drawn attention since two dam disasters in Brazil, and after red mud spilled into Papua New Guinea’s Basamuk Bay from Ramu Nickel’s operations in August.

An expert in chemical contamination has called test results from the Ramu Nickel spill “alarming,” media said this week. That spill resulted from an operational failure, however, rather than an issue with tailings management.

Proponents say deep sea tailings placement, which pipes unwanted pulverised rock into the sea, is cheaper and less harmful, especially on tropical islands where earthquakes or heavy rain limit storage on land, near deep sea trenches.

Critics say the impact of such marine disposal is poorly understood.

Fewer than 20 of the world’s 2,500 mines use the method to dispose of tailings waste, comprising rock, microscopic unwanted metals and traces of processing agents, such as cyanide.

Here are answers to some common questions, drawn from two research papers by Australia’s science bureau, the CSIRO.

What is deep sea tailings placement?

Mining waste goes down a pipe 100 m (328 ft) or more offshore designed to sink rapidly to even greater depths, such as those off the continental shelf. The waste settles on parts of the ocean floor believed to be home to few creatures.

That keeps the waste out of the ocean’s most productive surface layer, where sunlight drives photosynthesis, and sealife is most abundant.

After the mine has closed, advocates say the deposit area will gradually be recolonised by the marine life and bacteria that were there before, as they now move back from surrounding areas.

When was it first used?

The first commercial use of deep sea tailings placement was at the Island Copper mine on Canada’s Vancouver Island in 1971 to 1996. Industry regarded that as a success, though it was also found to have affected the lake’s biodiversity. Some other early mines, such as Greenland’s Black Angel lead and zinc mine, however, contaminated surrounding water bodies.

Where is DSTP used now?

– The Lihir gold mine in PNG run by Newcrest Mining. The Melbourne-based miner also proposed DSTP for its Wafi Golpu project with South Africa’s Harmony Gold.

– The Simberi gold mine operated by Australian miner St. Barbara in PNG’s New Ireland province.

– The Ramu nickel mine and plant run by Metallurgical Corporation of China in PNG’s Madang Province.

– Batu Hijau, Indonesia’s second largest copper mine, run by PT Amman Mineral Nusa Tenggara.

– Australia’s Kingston Resources is considering reopening PNG’s Misima gold mine and using DSTP.

What are the issues?

Ecological diversity

A quarter of the world’s coral reefs faced rising exposure to sediments and nutrients, boosting stress from climate change and ocean acidification, Australia’s science agency said in 2016. Greater sediment could smother coral or choke off sunlight or oxygen, it said.

Suspension

Fine dust or metal particles remain suspended in the ocean instead of settling on the sea floor. They can “shear off” in plumes, widely dispersed by ocean currents, and travel between layers of varying salinity or temperature.

The impact on marine life is not fully understood, but coral near the Lihir tailings disposal site suffered a “substantial impact”, according to the paper.

Plankton could be trapped in suspended solids and fine particles could clog the gills of fish, it added.

Migration

Marine animals could carry trace elements of mine waste into the food supply chain after ingesting them and then moving to shallow waters from the deep ocean.

Deep sea

Wider use of DTSP could affect deepwater canyons and abyssal or underwater plains that are high in biodiversity, according to the research.

Recolonisation

Ocean warming and acidification could hamper efforts to recolonise a DTSP area, it added.


Source : https://www.reuters.com/article/us-mining-deep-sea-tailings-explainer/explainer-how-do-miners-dispose-of-their-waste-in-the-sea-idUSKBN1WQ0P8

Weekly News

Set to Operate Gold Mine, Observe The Prospect of BRMS Shares


PT Bumi Resources Minerals Tbk (BRMS) will begin production of its gold mine.

This is thanks to the almost complete construction of the production facility at the Poboya Mine, Palu.

The gold mining project has reserves of around 3.9 million ore and around 7.9 million ore resources. Production is expected to reach 100,000 tons of ore in the first year and is expected to increase to 180,000 tons of ore in the second year.

On the other side , BRMS also has a zinc, silver and lead mine in Dairi, North Sumatra, set for production in mid-2020.

Shortly thereafter, BRMS copper and gold mines in Gorontalo will also begin production in the first half of 2022. The Gorontalo mine will produce 600,000 tons of ore in its first year of operation and 1 million tons in its second year of operation (2023).

An analyst with Minna Padi Investama Sekuritas Andre Setiawan said, with these gold and metal mines commencing production , BRMS will have a good opportunity, especially to take advantage of gold commodity prices amid concerns over the potential for a global economic recession.

“When the company starts working on its three assets, the prospects begin to brighten,” Andre Setiawan wrote in his 11 Oct 2019 research.

The project in Palu is expected to be the first project to start generating income through gold. Gold itself is considered to be a mainstay commodity when concerns arise over the issue of a global recession.

On the other side , the Gorontalo Mine which produces copper and gold will also increase BRMS profitability when the mine starts operating.

However, Andre pointed out that BRMS is also facing major risks related to the operation of the mine. “Production delays and commodity price volatility are the main risks,” he said.

Following the big earthquake that struck Palu, the activities of illegal gold miners have stopped completely. This is a ‘hidden blessing’ for BRMS because it allows it to start production faster.

As of June 30, 2019, the earnings per share of BRMS stood at US $ 0.01497 per 1,000 shares, an improvement from the previous year with a loss of US $ 0.1709 per 1,000 shares.

If calculated in a year at a price of Rp 50 per share, PER19F BRMS is at 118.06x while the PBV is 0.42x. Andre believes that when BRMS starts operating three of its mining projects, the valuation of BRMS’s shares will see a significant boost.

On a year-to-date basis, BRMS shares still stagnate at the level of Rp 50 per share. However, since one year back, BRMS shares have been corrected by 7.41%.


Source : http://www.bumiresources.com/uploads/2019/10/a51584c57d8d102972a7362181da8a01_93eed47136ddaa67f42250fc3d84d1d0.pdf

Weekly News

Indonesia Adds Value to Mining Industry, Invests in Downstream Processing Facilities


Creating mining and minerals processing infrastructure to increase Indonesia’s mineral value while strengthening downstream processing capabilities has been at the core of the Indonesian mining authority and mineral export laws since 2009.

PT Borneo Alumina Indonesia has appointed a Black & Veatch-led Project Management Consortium (PMC) to develop one such processing facility, the first of its kind in Indonesia. Black & Veatch provides engineering solutions to power sector clients in Indonesia through PT Bina Viktori Indonesia (PT BVI).

The West Kalimantan facility will feature a 1 Million Tonne Per Annum (MTPA) smelter-grade alumina refinery, a 2×40,000 Normal cubic meter per hour (Nm3/hr) coal gasification plant and a 3×25 megawatt (MW) coal-fired power plant.

“Developing the downstream mineral processing industry will expand the Indonesian economy and create jobs. Black & Veatch is ready to leverage our global expertise across business units to support as PMC overseeing our client’s Chinese Engineering, Procurement and Construction (EPC) contractor to ensure that the client realizes the quality, safety and value they are seeking,” said Jim Spenceley, Senior Vice President, Mining, Black & Veatch.

As the consortium leader, Black & Veatch will perform design review, equipment inspections, and provide power and coal gasification subject matter expertise. Consortium partners Progesys will be managing the alumina refinery process design scope, while Jaya CM will be supporting the project with site construction engineers and inspectors.

Progesys is a minerals industry engineering company based in Canada. Jaya CM is an Indonesian construction management company.

As the project consultant, the consortium is responsible for evaluating engineering, procurement and construction bids and reviewing design engineering. The consortium will monitor major equipment supply and conduct factory acceptance tests. It will also oversee site construction and commissioning.

Black & Veatch’s knowledge of international and country-specific engineering codes and standards, and contract structures systematically mitigates project cost and schedule risks. By serving as the interface between different engineering standards, Black & Veatch offers clients assurance that EPC contractors deliver on specific project commitments cost effectively.

Black & Veatch has supported clients worldwide on various infrastructure deployments by tapping into engineering innovation to address technical complexities in heavy industries like mining.

RESOURCES

  • Black & Veatch employs more than 100 professionals in Jakarta, Indonesia. It is currently working as EPC contractor for more than 4.5 gigawatts of conventional power generation projects in Indonesia.
  • Since 1969, Black & Veatch has undertaken nearly 100 power, water and oil and gas projects across 24 provinces throughout Indonesia. In power generation alone, the company has contributed almost 15,000 MW of installed capacity throughout the country.

Source : https://www.csrwire.com/press_releases/42811-Indonesia-Adds-Value-to-Mining-Industry-Invests-in-Downstream-Processing-Facilities

Weekly News

Taking on Indonesian Coal


HOGSBACK reckons that Indonesia is Australia’s biggest competitor when it comes to the seaborne market coal export stakes.

For that reason, it makes sense to capture some of the mining action going on in Indonesia through the supply of Aussie mining technology and expertise.

In 2018, Indonesia exported 394 million tonnes of coal – mostly to nearby Asian customers such as China. During that same period Queensland exported 223Mt and New South Wales exported 164.6Mt. By Hogsback’s reckoning, Australia’s total exports are just under 7Mt under that of Indonesia with 387.6Mt.

The Department of Industry, Innovation and Science’s latest Resources and Energy Quarterly report said thermal and coking coal export values would reach $67 billion in total in 2018-19.

Australia’s coal is better quality with lower ash and it exports more metallurgical coal to North East Asia but we cannot afford to be too smug about our place in the global mining and equipment market place.

There are a couple of Australian companies who are in Indonesia either mining coal on a contract basis like Thiess or mining coal on their own tenements like Cokal.

However, it might be time for Australia to clinch a more favourable trading relationship with our large and rapidly growing northern neighbour across the Timor Strait.

The Minerals Council of Australia supports the Joint Standing Committee on Treaties recommendation to ratify Australia’s free trade agreement with Indonesia.

This agreement will grow Australia’s trade in minerals and mining services, helping to create new Australian jobs and boosting the Australian economy, according to MCA CEO Tania Constable.

Reducing barriers to trade and opening new markets is critical to supporting all Australians and will also provide an important buffer to economic and protectionist pressure, she said.

Australia needs free trade agreements to support and grow resources exports, which reached a record of $273 billion in 2018-19 and accounted for 58% of Australia’s total exports.

Liberalised trade with Indonesia will increase trade and investment, benefiting Australia’s minerals industry and the Mining, Equipment, Technology and Services sector.

Indonesia has agreed to reduce tariffs on iron ore and steel, which are as high as 20%, to 5% or less by 2025.

Indonesia will also allow Australian businesses to own up to 67% of mining services companies based in Indonesia – the first time Indonesia has ever made such a commitment in a trade agreement, providing significant opportunities for more than 140 Australian METS companies which export to Indonesia.

Hogsback reckons it’s time for the Australian coal industry and its suppliers to be smart in its dealings with Indonesia and the government should clinch agreements that help the local industry to benefit from Indonesia’s inexorable rise.


Source : https://www.miningmonthly.com/hogsback/international-coal-news/1373328/taking-on-indonesian-coal

Weekly News

Indonesia Nickel Curbs May Push Foreign Firms Away


World nickel prices climbed, while inventory took a tumble, in the weeks since Indonesia’s surprise ramp-up of export curbs in late August.

With ore producer Indonesia supplying nearly one-quarter of global nickel, the price of the key industrial metal jumped by 18 per cent between end-August and Sept 2 before “moderating somewhat thereafter”, DBS economist Masyita Crystallin remarked in a note this week.

Indonesia’s nickel ore export ban in late August has affected both global nickel prices and inventory in warehouses monitored by the London Metal Exchange (LME).

Meanwhile, inventories in warehouses have fallen by 16 per cent in the first week of October, she added, citing the London Metal Exchange.

The latest decision from Jakarta has brought a nickel ore export ban forward by two years, to Jan 1, 2020, in a move that Fitch analysts argued on Sept 30 “reinforces the country’s reputation of high policy uncertainty and poor mining operating environment”.

“We expect increasing regulatory difficulties to result in more foreign miners selling their operations in Indonesia to local stakeholders in the coming years,” the Fitch report added.


Source : https://www.businesstimes.com.sg/asean-business/indonesia-nickel-curbs-may-push-foreign-firms-away-0

Weekly News

Growing Australia’s Minerals and METS Trade with Indonesia and Hong Kong


The Minerals Council of Australia supports the Joint Standing Committee on Treaties (JSCOT) recommendation to ratify Australia’s free trade agreements with Indonesia and Hong Kong.

These agreements will grow Australia’s trade in minerals and mining services, helping to create new Australian jobs and boosting the Australian economy.

Reducing barriers to trade and opening new markets is critical to supporting all Australians and will also provide an important buffer to economic and protectionist pressure.

Australia needs free trade agreements to support and grow resources exports, which reached a record of $273 billion in 2018-19 and accounted for 58 per cent of Australia’s total exports. More broadly trade hasincreased the income of the average Australian family household by an estimated $8,448 a year. One in five Australian jobs are directly linked to trade – Australia is a trading nation.

Liberalised trade with Indonesia and Hong Kong will increase trade and investment, benefiting Australia’s minerals industry and the Mining, Equipment, Technology and Services (METS) sector.

Indonesia has agreed to reduce tariffs on iron ore and steel, which are as high as 20 per cent, to five per cent or less by 2025.

Indonesia will also allow Australian businesses to own up to 67 per cent of mining services companies based in Indonesia – the first time Indonesia has ever made such a commitment in a trade agreement, providing significant opportunities for more than 140 Australian METS companies which export to Indonesia.

Australia’s exports to Hong Kong are dominated by gold, with gold exports worth $7 billion in 2018, accounting for nearly 70 per cent of Australia’s total exports to Hong Kong. The FTA with Hong Kong locks in duty-free access for gold and other resources including iron ore, coal and petroleum.

The Australian Parliament should now ratify these agreements without delay.


Source : https://www.miragenews.com/growing-australia-s-minerals-and-mets-trade-with-indonesia-and-hong-kong/

Weekly News

PURE Plans to Increase Its Production Capacity


PT Trinitan Metals and Minerals Tbk (PURE), a metal and mineral processing company, plans to increase its production capacity to more than 39,700 metric tons (MT) per year in the near future, following the company’s debut in the Indonesia Stock Exchange today (9/10).

As quoted from information disclosure, the company currently has a plant with a capacity of 39,700 MT per year. The company’s production capacity needs to be increased to meet the demands of domestic and foreign customers.

In its debut on the capital market today (9/10), the company expects to raise Rp 100 billion. The funds will be used to purchase equipment and increase the company’s working capital.


Source : https://www.idnfinancials.com/news/29223/pure-plans-increase-production-capacity

Weekly News

TINS Cut Its Export Quota to 2,000 Tons/Month


PT Timah (Persero) Tbk (TINS) has cut its export quota further to around 2,000 to 2,500 tons per month because tin prices are declining.

Mochtar Riza Pahlevi, Managing Director of TINS, said that the quota was cut by around 1,000 tons per month. Previously, in July, the company had also cut its export quota by around 1,000 to 1,500 tons per month. In addition, the company also seeks to reduce its production volume.

“Production is reduced by stopping dredge operations,” Pahlevi said as quoted by Kontan on Tuesday (8/10) yesterday. In addition, he admitted the number of work shifts in the company’s land mining area had been reduced from 3 shifts a day to 1.

Pahlevi claims the price of tin on the global market this year fell, due to the tension in trade relations between the United States and China. TINS’s decision to reduce the volume of production and export is also supported by the Indonesian Tin Exporters Association (AETI).

“We must indeed be brave enough to reduce production volumes while prices are at a low level,” explained Jabin Sufianto, Secretary-General of AETI, through an official statement.


Source : https://www.idnfinancials.com/news/29213/tins-cut-export-quota-tonsmonth

Weekly News

Freeport Will Build A Smelter on AKR Corporindo's Land


PT Freeport Indonesia will build its new smelter in the Java Integrated Industrial Port Estate (JIIPE), which is managed by PT AKR Corporindo Tbk (AKRA).

Suresh Vembu, Director of AKRA, said that his party had handed over 103 hectares (ha) of land to Freeport Indonesia. “The 103 ha land has been handed over to Freeport,” Vembu was quoted as saying by Bisnis Indonesia on Tuesday (8/10) yesterday.

Meanwhile, the rental price for the land is still uncertain, because the two companies are still in the stage of preparing a contract. Freeport plans to operate the smelter in 2023.

For information, the progress of the construction of the smelter has reached 3.8%. Vembu opened an option for Freeport to buy the land in the future.


Source : https://www.idnfinancials.com/news/29215/freeport-build-smelter-akr-corporindo-land

Weekly News

Bumi Resources Plans to Sign A New Contract with PLN


PT Bumi Resources Tbk (BUMI) plans to sign a new contract with PT Perusahaan Listrik Negara (Persero) or PLN in 2020.

Dileep Srivastava, Director of BUMI, said that the cooperation will be carried out through Pendopo Coal Ltd. He believes this step can increase the company’s revenue.

To increase the possibility of a new contract with PLN, BUMI will prepare a capital expenditure budget of around US$ 50 million in 2020. “Same as this year, in the range of US$ 50 million to US$ 60 million,” Srivastava explained as quoted by Kontan on Tuesday (8/10) today.

In a public exposure last August, BUMI claimed to be interested in working on a number of coal gasification projects. This step is considered strategic, because it has the support of the Indonesian government.


Source : https://www.idnfinancials.com/news/29188/bumi-resources-plans-sign-contract-pln

Mining People on The Move

Kingrose Mining Limited - Grant Mills


Non-executive Director Resigns

Kingsrose Mining (ASX: KRM, “Kingsrose” or “the Company”) announces that Grant Mills has submitted his resignation as a Director of the Company, effective as of 30 November 2019 and that the Company has accepted his resignation.

Mr Mills, who has been a Director of Kingsrose since August 2017, plans to focus on development of his various personal business interests.

Interim Chairman Dr Mike Andrews thanked Mr Mills for his dedication to the Company and his assistance in implementing the operational strategy.

“During his tenure on our Board Grant has fulfilled the role of non-executive director with great professionalism and diligence. On Behalf of the Board, I wish Grant all the best with his future business endeavours,” Dr Andrews said.

Kingsrose intend to appoint a new Director in due course.


Source : https://www.kingsrosemining.com.au/announcements/non-executive-director-resignation/

Mining People on The Move

Nusantara Resources Limited - Neil Whitaker


Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS) is pleased to announce the appointment of Mr Neil Whitaker as its new Chief Executive Officer with effect from 26 August 2019.

Nusantara is an ASX-listed gold development company with its flagship Awak Mas Gold Project located in South Sulawesi – Indonesia. The Company is engaged in financing discussions with the intent of moving the projected 100,000 ounce per year1 project into development in 2020.

Neil has over 40 years’ experience in the mining sector and has held operating and senior executive roles with companies such as Anglo American, Western Mining Corporation, Clough Indonesia (Petrosea Tbk) and Newcrest Mining. Neil has extensive international operating experience with a demonstrated background in leading resource companies through the transitional stages of the full project life cycle. Having previously worked in the Asia-Pacific region and more specifically as the Chief Operating Officer for PT Petrosea Tbk (a subsidiary of our Indonesian strategic partner), Neil has relevant experience which will place him in good stead to drive the Awak Mas Gold Project into the next phase towards development.

The role is Jakarta based and we anticipate that the established associations which Neil holds with the Indonesian community and senior government officials, will further strengthen our existing relationships as we look to build a successful and highly regarded operating business.

Executive Chairman, Greg Foulis, will continue in the Executive Chairman role for a short period as Neil establishes himself with the Company.

Nusantara Resources Limited’s Executive Chairman Greg Foulis said, “We are very pleased to have Neil join the team during this exciting time for the Company. I am confident that his significant experience and relevant Indonesian expertise will enable the business to successfully transition into
development and deliver another world class gold mine in the Asia-Pacific region”.


Source : https://nusantararesources.com/asx-announcements

Mining People on The Move

Cokal Limited - Gerhardus (Garry) Kielenstyn


Cokal Limited (ASX:CKA, “Cokal” or “the Company”) advises that Mr Gerhardus (Garry) Kielenstyn has resigned as an Executive Director of the Company, effective immediately.

Mr Kielenstyn has worked with the Company since May 2013 when he was appointed Indonesian Country Manager. During June 2016 he was appointed to the role of the Company’s Chief Operating Officer and in January 2017 as Executive Director.

Mr Kielenstyn has resigned from the Board to attend to his other business interests and for personal reasons. The Board thanks Mr Kielenstyn for his work over the years, and wishes him all the best for his future endeavours.


Source : http://www.cokal.com.au/wp-content/uploads/2019/08/Director-Resignation.pdf

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Information

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