Kideco Secures Contract Extension until March 2033

By Editorial Team 26/01/2023
Summary

Coal mining company PT Kideco Jaya Agung has finally secured a contract extension, allowing it to operate until March 13, 2033, under a Special Mining Business License (IUPK). In the future, the subsidiary of PT Indika Energy Tbk (INDY) can also extend the license based on the existing regulation. Kideco's license was issued by the Investment Minister/Investment Coordinating Board (BKPM) head on behalf of the Energy and Mineral Resources (ESDM) Minister on Dec 16, 2022.

Indika Energy vice president director and CEO Azis Armand said that Kideco's contract extension would help continue Indika Energy's contribution to national energy security and state revenue. "Over the last five years, we keep diversifying our business into various sectors and focusing on ESG [environmental, social, and governance] aspects in our businesses," he said Thursday.

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