Indonesian president orders greater share of mining benefits for the state
XLB•XLB•XLB•XLB•President Prabowo Subianto said at least 70% of benefits from mining permits should go to the state, and that mining assets could be state-controlled if necessary. The presidential palace said the 70% referred to proceeds from managing mining permits.
Prabowo said the state should receive at least 70% of benefits from all mining permits and could hold controlling stakes in mining assets if necessary. The presidential palace said the 70% referred to proceeds from managing mining permits.
Prabowo said Indonesia was open to mining investors, but profits must predominantly go to Indonesians. A previously discussed proposal to give the government 70% of mineral and coal output under a gross-split scheme was dropped in June after consultations with Prabowo, Energy Minister Bahlil Lahadalia said.
