In Jakarta, in a meeting of the Indonesian parliament on September 19, Sugeng Supartowo, a member of the Indonesian parliament, said that in accordance with the Indonesian Mining Law No. 3 of 2020, mining and smelting companies must provide mineral resources guarantee gold, but did not stipulate the calculation of guarantee gold The formula and scope of use are currently being discussed by the Parliament, the Ministry of Energy and Mines and related agencies. The mineral resources guarantee fund will be detailed in the Ministerial Decree of Energy and Mines.
The president of the Indonesian Institute of Geological Experts proposed that the resource guarantee fund should be 5% of the company's profit or 1% of the company's income, so that Indonesia can ensure the sustainable development of mineral resources, and promote exploration investment and promote related industries. The Ministry of Energy and Mining will stipulate whether the company will conduct exploration in its own mining area, or the company will entrust the government or a third party to conduct exploration in the company's mining area.
In another event, Bernardus Irmanto, Finance Director of Vale Indonesia, said in an interview that he supports the plan proposed by the Indonesian Parliament, which will ensure the sustainable development of Indonesia’s mineral resources and provide guarantees for the production and operation of mines and smelting enterprises. River Valley spent $6 million this year on exploration in its mining areas, but hopes that the new legal regulations will not burden companies.
