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Monday, March 5, 2012

Indonseia coal mining profits too high - Minister

Monday, 05 Mar 2012

Indonesia energy and mineral resources deputy minister Widjajono Partowidagdo has criticized coal mining companies for taking too much profit. He said that the profits of these companies reached 66% of total production, while the state only receives 34% of the profit.

He said that “That’s too much. It’s different with the oil and gas industries that provide benefits for the state and the public.”

He added that This condition has led to rapid growth in the mining industry and the high production profit has also seen many Indonesian grow rich, he said. “Look at the list of the richest people in Indonesia according to Forbes magazine. Almost all of them are in the coal mining sector.”

As such, Mr Widjajono said the regulation on profit sharing in the coal mining sector between the government and contractor companies must be revised. He said the Energy Ministry was now drafting a formula for coal mine profit sharing between coal companies and the state.

source:Tempointeractive.co

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