Five Mining Divestments: Will MIND ID Take It All?

After partially owned PT Vale Indonesia Tbk (INCO), the government and MIND ID may want to shift their focus on acquiring the stakes of other mineral and coal mining companies. Based on the Contract of Work (KK) renewals, five mining companies have to divest a fraction of their shares immediately. Four of them should have already divested their stakes last year while another one shall perform it this year.

The first one is PT Natarang Mining, with Natarang Offshore Pty Ltd as the majority shareholder with 85 percent of its shares and the remaining 15 percent owned by individuals. The gold mining company should have already divested 21 percent of its shares last year. There is also Ensbury Kalteng Mining with Ensbury Kalteng Pte Ltd and Ensbury International Ltd as its owners, holding 94 and four percent of its shares, respectively. Similar to Natarang, Ensbury should have already divested its shares last year, albeit only 20 percent.

Third, PT Kasongan Bumi Kencana, owned by Pelsart Kasongan Pty Ltd (45 percent), Idaman Kasongan Pty (40 percent), and PT Wisma Budi Kerti (15 percent), should have already sold 12 percent of its shares last year. On the other hand, PT Galuh Cempaka, a diamond mining company, should have already divested 17 percent of its shares last year. Ashton MMC Pte Ltd owns 80 percent of Galuh’s shares, while PT Antam Tbk has the remaining 20 percent. Meanwhile, different from the previously mentioned companies, PT Nusa Halmahera Minerals must divest about 26 percent of its shares this year. The majority shareholder of the gold mining company is Newcrest Mining Ltd at 75 percent of the stake, followed by PT Antam Tbk at 25 ​​percent.