Tue, 29 Sep 2009
From: Reuters
The country is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Monday, creating more uncertainty for a sector struggling to attract investment.

The government has been drafting regulations on the new mining and coal law passed in December 2008 for presidential approval. It had said the regulations should be issued by October, when President Susilo Bambang Yudhoyono’s new administration is due to start his second term.

Bambang Gatot Ariyono, director of mining and coal production at the Ministry of Energy and Mineral Resources, said ministries with vested interests in the regulations, such as the Finance Ministry, had yet to respond to the draft proposals.

“We doubt the regulations can be completed this year,” said Bambang, who did not say when he thought the regulations were likely to be completed.

Issuing the regulations is seen as crucial to providing more certainty for mining investors.

Analysts also said it may take more time. It took three years to issue the implementing regulations for an oil and gas law passed in 2001.

With the delay, the sector is unlikely to see fresh investment in the near future. The government has frozen mining permits until the regulations are finalized.



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