On Tuesday (05/05/2020) Indonesia Investments released the April 2020 edition of its monthly update. In this edition, titled 'Bracing for Impact', we focus on the impact of the novel coronavirus (COVID-19) crisis - and subsequent restrictions on social behavior and business - on the Indonesian economy and Indonesian society.
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Today's Headlines Force Majeure
Latest Columns Force Majeure
Besides imposing restrictions and offering stimuli to affected people and businesses, the Indonesian government made another important decision with reference to the coronavirus (COVID-19) outbreak. Through Presidential Decree No. 12/2020 on the Determination of COVID-19 as a Non-Natural Disaster, signed by President Widodo on 13 April 2020, the novel coronavirus was declared a ‘national disaster’.
The dispute between the Indonesian government and mining giant Newmont Nusa Tenggara (NNT) over the recently implemented ban on the export of unprocessed copper, gold, nickel, bauxite and iron is heading for a climax. In Indonesian media, President Susilo Bambang Yudhoyono was quoted saying “NNT has undermined the sense of justice of the Indonesian people” and pronounced his disappointment of NNT’s reluctance to respect the sovereignty of the state. Previously, the government said it may revoke mining permits of NNT.
Newmont Nusa Tenggara (NNT), one of Indonesia’s largest copper miners, said on Thursday (05/06) that it sees no other option than to declare a force majeure at its Batu Hijau copper mine in Sumbawa (West Nusa Tenggara) due to the export tax dispute with the Indonesian government. President Director of NNT Martiono Hadianto also informed the Indonesian Ministry of Energy and Mineral Resources that 80 percent of the company’s workers will be put on leave with reduced salaries.
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