Share Divestments within the Minerals and Coal-Mining Sector: Offerings, Evaluations and Pricing Addressed in Further Detail

As mandated under Regulation of the Minister of Energy and Mineral Resources (“ Minister ”) No. 9 of 2017 on Procedures for Divestment and Mechanisms for the Determination of Divested Share Prices for Minerals and Coal-Mining Business Activity, [1] as amended through the issuance of Regulation of the Minister No. 43 of 2018 [2] (collectively referred to as “ Regulation 9/2017 ”), foreign investment businesses that hold production-operation mining business permits and special production operation mining business permits (“ Foreign Mining Companies ”) are required to divest a minimum of 51% of their shares to Indonesian participants within five years of commencing production operations. [3]