Indonesia erupts in mine ownership scandals

Already suffering from poor doing business and political stability perceptions, Indonesia is now embroiled in numerous disputes over mining rights that allegedly favour entrenched businesses.

In the latest incident, Australia’s Intrepid Mines has become locked in a battle to retain 80 per cent of the $5-billion Tujuh Bukit copper and gold project in Indonesia’s East Java after its former partner sold off the stake to a local tycoon, Edwin Soeryadjaya.

Mineral deposits at the site are estimated to be 19 billion pounds of copper and 30 million ounces of gold.

In another case, UK-based Churchhill mining is suing the Indonesian government for $1.05 billion plus interest, alleging that the license for the East Kutai coal site was unfairly revoked. The mine is estimated to carry 2.8 billion metric tonnes of coal.

In an ostensibly politically connected case, Bumi Plc lost rights over a project to the powerful Bakrie family, which Aburizal Bakrie belongs to, a possible presidential candidate in the 2014 Indonesian general elections.



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Already suffering from poor doing business and political stability perceptions, Indonesia is now embroiled in numerous disputes over mining rights that allegedly favour entrenched businesses. In the latest incident, Australia’s Intrepid Mines has become locked in a battle to retain 80 per cent of the $5-billion Tujuh Bukit copper and gold project in Indonesia's East Java after its former partner sold off the stake to a local tycoon, Edwin Soeryadjaya. Mineral deposits at the site are estimated to be 19 billion pounds of copper and 30 million ounces of gold. In another case, UK-based Churchhill mining is suing the Indonesian...

Already suffering from poor doing business and political stability perceptions, Indonesia is now embroiled in numerous disputes over mining rights that allegedly favour entrenched businesses.

In the latest incident, Australia’s Intrepid Mines has become locked in a battle to retain 80 per cent of the $5-billion Tujuh Bukit copper and gold project in Indonesia’s East Java after its former partner sold off the stake to a local tycoon, Edwin Soeryadjaya.

Mineral deposits at the site are estimated to be 19 billion pounds of copper and 30 million ounces of gold.

In another case, UK-based Churchhill mining is suing the Indonesian government for $1.05 billion plus interest, alleging that the license for the East Kutai coal site was unfairly revoked. The mine is estimated to carry 2.8 billion metric tonnes of coal.

In an ostensibly politically connected case, Bumi Plc lost rights over a project to the powerful Bakrie family, which Aburizal Bakrie belongs to, a possible presidential candidate in the 2014 Indonesian general elections.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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