Six foreign-controlled miners to start divestments in 'near future' - Indonesia

Six foreign-controlled miners operating in Indonesia, including PT Vale Indonesia and a unit of Australia's Newcrest Mining, intend to divest some of their shares "in the near future" to meet regulations, an Indonesian official said. According to Indonesian mining rules, foreign-controlled miners are required to gradually start reducing ownership after five years of production. Within 10 years, foreign ownership should be cut to at least 49%.