14 mining companies ready to renegotiate contracts

By Cepi Setiadi

Director General Mineral and Coal, Ministry of Energy and Natural Resources, Thamrin Sihite said that five holders of contract of works (KK) and nine coal contract of works (PKP2B) are ready to sign amendment of mining contracts.

Thamrin declined to name the companies and the scheduled signing date.

"We hope it could be realized as soon as possible," he told Petromindo.com on Wednesday.

The revision of contract covers six main issues namely the size of mining areas, contract extensions, the amount of royalties to be paid to the government, obligations to process raw materials in Indonesia, divestment, and the use of local goods and services.

Editing by Adianto P. Simamora