Guidelines Issued for Holders of Mining Licenses on License Evaluations and Registrations of Compositional Changes Relating to Shareholders, Directors and/or Commissioners

In an attempt to update and evaluate all of the Mining Business Licenses (Izin Usaha Pertambangan– “ IUP ”) that were issued by governors, regents and mayors prior to the promulgation of Law No. 3 of 2020 on the Amendment to Law No. 4 of 2009 on Mineral and Coal Mining (“ Law 3/2020 ”), [1] the Minister of Energy and Mineral Resources (“ Minister ”) recently issued Decree No. 78.K/MB.01/MEM.B/2022 (“ Decree 78/2022 ”), which sets out detailed guidelines on the implementation of license evaluations and the registration of any compositional changes that were made in relation to shareholders, directors and/or commissioners, as set out under IUPs issued by governors or regent/mayors prior to the promulgation of Law 3/2020.