100 Indian Investors Target Indonesian MinesMining investment in Indonesia is still appealing to foreign companies. Shortly, around 100 Indian future investors delegation will be visiting Indonesia to observe the chance. Syahid Latif reported in VIVAnews.
“The government will be welcoming 100 Indian entrepreneurs who will be presented by the Indonesian Ambassador to India,” Minister of Energy and Mineral Resources, Purnomo Yusgiantoro, said at the 2009 Energy and Mining Indonesia Series exhibition at the Jakarta Fair arena, Kemayoran, Jakarta on Wednesday, October 14.
Yusgiantoro also said the investment plan is quite significant due to the high need for gold and energy resources, especially coals, in the country. The resources are mainly required by power generators and steelworks.
Besides, India has a fairly high dependency to gold and coal supplies from Indonesia. “Indonesia is their main target country,” he said.
Yusgiantoro is also optimistic that the investment of the Indian investors will be accommodated properly because Indonesia has massive number of national coal and gold stocks that are estimated to reach 90 million tons. In addition, there are about 20 million tons of gold being explored and the companies are interested in acquire already explored and proven properties.
Director General of Coal, Mineral and Geothermal at the Department of Energy and Mineral Resources (ESDM), Bambang Setiawan, said the investors have quite high an interest since production costs in India are higher compared to importing from Indonesia. “Their production is using an underground system, “he said.
India actually has large amount of reserves. But, due to their substantial need, they have to keep seeking another huge amount from overseas.
“The growth of of their demands is almost above 8 percent. They are also aware of the fact that our exported minerals are in high-demand. But, we will restrict the export quota because of the Domestic Market Obligation priority. They are expecting the supply to be secured,” he said.