Tue, 19 Feb 2008
From: The Jakarta Post
By The Jakarta Post, Jakarta
Australia's Senior Trade Commissioner Rod Morehouse said Monday that Australian firms were prepared to invest more than US$4 billion in Indonesia's mining industry.

"Australia has more than US$4 billion waiting to be invested," Morehouse told a press conference on the first day of the Ozmine exhibition and conference in Jakarta.

Craig Senger, first secretary to the trade commissioner, said the investment would come from both "existing players" here and also from new ones. He refused to give more details.

Earlier last year, Australia-based Rio Tinto Group expressed interest in investing $US2 billion in a nickel mining project in Sulawesi, expected to create 5,000 jobs as well as to build a nickel smelter capable of producing 46,000 tons of nickel metal per year.

The project was delayed due to ongoing negotiations between the government and the mining giant, which preferres a "nailed down" tax scheme rather than the progressive tax scheme proposed by the government.

Senger said prior to making new investments, Australian mining companies were waiting for clarity on Indonesia's mining industry's ongoing regulatory reforms, particularly those addressing a lack of coordination between the central and local governments, as well as the revision to the existing mining law.

"The companies are observing how well things are doing in this transition period," he added.

Australian Ambassador to Indonesia Bill Farmer said the two countries, long time partners in the mining industry, were entering an "exciting chapter".

"Australian miners are part of the success story of Indonesia's mining industry. We have developed ways in dealing with issues in mining. We can bring this to Indonesia," he said.

Energy and Mineral Resources Minister Purnomo Yusgiantoro is expected to deliver a speech focusing on the key issues in the mining bill, on Tuesday at the Ozmine exhibition.

This year's exhibition features twice the number of companies exhibiting last year and is sponsored by Rio Tinto, PT Leighton Contractors, the Indonesian unit of Leighton International Limited, BPH Billiton, Thiess Contractors Indonesia and Orica Mining Services.

Morehouse said as one of the world's most promising countries for the mining industry, Indonesia would need to refurbish its existing mining equipment and up-date its technology to meet the demands of the world.

Some of Australia's most successful areas in mining include development of environmental solutions and advanced technology. More than 60 percent of the world's mining operations now use Australian software. (lva)



News Search/Filter
Transaction Rates
25 May 18
Buy
Sell
AED1
3,850.96
3,850.96
AFN1
196.95
196.95
ALL1
130.92
130.92
AMD1
29.32
29.32
ANG1
7,879.79
7,879.79
AOA1
60.26
60.26
ARS1
575.53
575.53
AUD1
10,708.97
10,708.97
AWG1
7,913.45
7,913.45
AZN1
8,308.55
8,308.55
BAM1
8,476.02
8,476.02
BBD1
7,072.65
7,072.65
BDT1
167.37
167.37
BGN1
8,477.62
8,477.62
BHD1
37,460.09
37,460.09
BIF1
7.99
7.99
BMD1
14,145.30
14,145.30
BND1
10,512.24
10,512.24
BOB1
2,046.94
2,046.94
BRL1
3,876.07
3,876.07
BSD1
14,145.30
14,145.30
BTC1
105,234,969
105,234,969
BTN1
207.19
207.19
BWP1
1,427.85
1,427.85
BYN1
7,086.24
7,086.24
BZD1
7,036.94
7,036.94
CAD1
10,976.83
10,976.83
CDF1
8.76
8.76
CHF1
14,268.93
14,268.93
CLF1
617,159.97
617,159.97
CLP1
22.56
22.56
CNH1
2,218.34
2,218.34
CNY1
2,217.96
2,217.96
COP1
4.87
4.87
CRC1
25.01
25.01
CUC1
14,145.30
14,145.30
CUP1
554.71
554.71
CVE1
149.98
149.98
CZK1
642.82
642.82
DJF1
79.49
79.49
DKK1
2,225.99
2,225.99
DOP1
285.56
285.56
DZD1
121.59
121.59
EGP1
789.46
789.46
ERN1
941.13
941.13
ETB1
513.99
513.99
EUR1
16,581.27
16,581.27
FJD1
6,857.51
6,857.51
FKP1
18,930.22
18,930.22
GBP1
18,930.22
18,930.22
GEL1
5,726.61
5,726.61
GGP1
18,930.22
18,930.22
GHS1
3,041.94
3,041.94
GIP1
18,930.22
18,930.22
GMD1
299.95
299.95
GNF1
1.57
1.57
GTQ1
1,896.70
1,896.70
GYD1
67.71
67.71
HKD1
1,802.47
1,802.47
HNL1
592.76
592.76
HRK1
2,242.51
2,242.51
HTG1
219.77
219.77
HUF1
51.92
51.92
IDR1
1.00
1.00
ILS1
3,966.63
3,966.63
IMP1
18,930.22
18,930.22
INR1
207.19
207.19
IQD1
11.88
11.88
IRR1
0.33
0.33
ISK1
133.90
133.90
JEP1
18,930.22
18,930.22
JMD1
112.08
112.08
JOD1
19,936.92
19,936.92
JPY1
129.39
129.39
KES1
139.92
139.92
KGS1
207.06
207.06
KHR1
3.47
3.47
KMF1
33.69
33.69
KPW1
15.71
15.71
KRW1
13.09
13.09
KWD1
46,848.22
46,848.22
KYD1
16,973.01
16,973.01
KZT1
43.36
43.36
LAK1
1.69
1.69
LBP1
9.33
9.33
LKR1
89.47
89.47
LRD1
103.18
103.18
LSL1
1,119.33
1,119.33
LYD1
10,394.52
10,394.52
MAD1
1,493.28
1,493.28
MDL1
841.35
841.35
MGA1
4.32
4.32
MKD1
269.18
269.18
MMK1
10.44
10.44
MNT1
5.87
5.87
MOP1
1,749.93
1,749.93
MRO1
39.73
39.73
MRU1
396.11
396.11
MUR1
408.27
408.27
MVR1
912.02
912.02
MWK1
19.65
19.65
MXN1
722.40
722.40
MYR1
3,554.57
3,554.57
MZN1
234.11
234.11
NAD1
1,116.88
1,116.88
NGN1
39.31
39.31
NIO1
450.43
450.43
NOK1
1,746.35
1,746.35
NPR1
129.48
129.48
NZD1
9,801.28
9,801.28
OMR1
36,743.25
36,743.25
PAB1
14,145.30
14,145.30
PEN1
4,327.14
4,327.14
PGK1
4,332.66
4,332.66
PHP1
269.32
269.32
PKR1
122.28
122.28
PLN1
3,847.33
3,847.33
PYG1
2.48
2.48
QAR1
3,885.00
3,885.00
RON1
3,581.60
3,581.60
RSD1
140.29
140.29
RUB1
229.77
229.77
RWF1
16.32
16.32
SAR1
3,771.88
3,771.88
SBD1
1,790.84
1,790.84
SCR1
1,051.30
1,051.30
SDG1
783.50
783.50
SEK1
1,613.75
1,613.75
SGD1
10,554.57
10,554.57
SHP1
18,930.22
18,930.22
SLL1
1.80
1.80
SOS1
24.56
24.56
SRD1
1,894.12
1,894.12
SSP1
108.59
108.59
STD1
0.67
0.67
STN1
676.16
676.16
SVC1
1,616.54
1,616.54
SYP1
27.46
27.46
SZL1
1,119.88
1,119.88
THB1
441.84
441.84
TJS1
1,574.14
1,574.14
TMT1
4,030.02
4,030.02
TND1
5,576.26
5,576.26
TOP1
6,206.88
6,206.88
TRY1
2,973.29
2,973.29
TTD1
2,098.57
2,098.57
TWD1
472.64
472.64
TZS1
6.19
6.19
UAH1
541.50
541.50
UGX1
3.76
3.76
USD1
14,145.30
14,145.30
UYU1
452.88
452.88
UZS1
1.76
1.76
VEF1
0.17
0.17
VND1
0.62
0.62
VUV1
132.14
132.14
WST1
5,503.79
5,503.79
XAF1
25.27
25.27
XAG1
235,660.45
235,660.45
XAU1
18,451,763.69
18,451,763.69
XCD1
5,234.05
5,234.05
XDR1
20,072.17
20,072.17
XOF1
25.27
25.27
XPD1
13,826,603.35
13,826,603.35
XPF1
138.95
138.95
XPT1
12,891,716.09
12,891,716.09
YER1
56.50
56.50
ZAR1
1,138.22
1,138.22
ZMW1
1,377.87
1,377.87
ZWL1
43.88
43.88
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services