Wednesday, January 6, 2010

Indonesia projects $2.5 billion new mining investment in 2010

With the implementation of new mining laws, the Indonesian government expects US$2.5 billion will be invested in the country's mining sector in 2010. Mr Bambang Setiawan, director general of mineral resources, coal and geothermal mining at the Department of Energy and Mineral Resources Ministry, told Antara newsagency the government had increased its investment target from $1.8 billion in 2009 due to the improving global economy.

He said the investment is expected to come from existing minerals contractors ($1.2 billion) and coal contractorss ($860 million), mining concessions from state and regional enterprises ($43.53 million) and geothermal concessions ($382.5 million). Investment in mining and geothermal is further expected to reach $3.077 billion in 2011, $5.008 billion in 2012, $4.68 billion in 2013 and $7.468 billion in 2014.

Bambang added the government expected coal production to reach 250 M/t this year with 175 M/t destined for export. Copper production is expected to reach 1.017 M/t in 2010, gold 115,998 kilograms, silver 261,897 kilograms, tin 105,000 t and nickel 77,700 t.

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